GM and Chrysler's bankruptcy cases at a glance

A summary of developments in the bankruptcy cases of General Motors Corp. and Chrysler LLC:

GENERAL MOTORS — DAY 4

WHERE DOES IT STAND?: Thursday marked Detroit-based GM's fourth day under court protection.

On Monday, U.S. Judge Robert Gerber, who is overseeing the case, approved the automaker's first-day motions, allowing the company to continue its normal business operations while under bankruptcy protection. Gerber also approved GM's access to $15 billion in government-provided bankruptcy protection financing to fund its operations for the next few weeks.

WHAT'S NEXT?: GM's next major hearing is scheduled for June 25, when it will ask for final approval of its full $33.3 billion in debtor-in-possesion financing. A hearing on the proposed sale of the bulk of GM's assets to a new company is scheduled for June 30.

CHRYSLER — DAY 36

WHERE DOES IT STAND?: Thursday marked Auburn Hills, Michigan-based Chrysler's 36th day under court protection.

On Thursday, Chrysler dealers slated to lose their franchises testified against the company's motion to cancel the dealerships' franchise agreements. Arguments on the motion are scheduled for Tuesday. It was unclear when U.S. Judge Arthur Gonzalez will rule, or how this will effect Chrysler's plans to sever ties with the dealers effective Tuesday.

Chrysler claims that it needs to reduce its dealer base by 789 dealers, or about 25 percent, in order to emerge from Chapter 11 as a stronger company. But the dealers argue that they don't cost the automaker anything. They say that if Gonzalez approves Chrysler's motion, hundreds of dealerships will be shuttered, and thousands of workers will lose their jobs.

WHAT'S NEXT?: The decision on whether Chrysler can sell the bulk of its assets to a group led by Italy's Fiat Group SpA heads to a federal appeals court Friday. The 2nd U.S. Court of Appeals will hear arguments from a trio of Indiana state pension and construction funds who claim that the deal as structured unfairly favors the interests of the Chrysler's unsecured stakeholders ahead of those of secured debtholders such as themselves.

Chrysler had hoped to close the sale by the end of this week, but the appeals court issued a stay late Tuesday pending the appeal.

Chrysler claims that the sale is its only hope of avoiding liquidation. If the sale doesn't close by June 15, Fiat has the option of pulling out of the deal. In addition, production at Chrysler's manufacturing plants remains halted pending the closing of the sale.

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