The big issue in Chrysler now is whether it will be able to do a quick sale under section 363 or will have to go through a more formal plan approval process before it can do so. Steve Jakubowski has detailed analysis here.

David Skeel says:

But the U.S. government is essentially planning to commander the bankruptcy process, by pushing through a sale of most of Chrysler's assets (not to a true third party, but to "New Chrysler") early in the case. The only thing standing in the way of the government's stratagem is the bankruptcy judge who will be forced to decide whether to approve the sale. It will be awfully hard for a judge to say no to the deal that's about to be thrust on him or her. The end result may well be desirable, but the means are worrisome.