Chrysler’s private equity owners Cerberus, or at least their lawyers, will arrive at bankruptcy court in Manhattan later this morning. Yesterday, President Obama assured hand-wringing industrialists that the process would be quick and efficient and that Chrysler would emerge a leaner, meaner machine.

To some degree, one can look at the U.S. airline industry in the same light. But that industry, while “saved” through bankruptcy numerous times, is today a shadow of its former self, and remains haunted every so often by the threat of a return to that business mortuary for rebirth.

But a lot has changed since the crisis mad bankruptcy court so busy. The key for the new age of court-run restructuring is to sell major assets before going to court — effectively leaving creditors to haggle over the dregs. Some disgruntled creditors contend that the quick bankruptcy promised by Obama is being engineered in such a way because the sales would never make it past a judge.

In the first major bankruptcy for the auto industry since the crisis began, Obama criticized a handful of “speculators” for greedily holding out for more taxpayer money. He praised union workers for making concessions and financial institutions, led by JPMorgan, for agreeing to take losses up front. He even praised the car company’s management.

But if you look closely, you may start to sympathize with anyone who bought a bond and is being told to settle for less to serve the common good. And to have the management of the company and its bankers praised for effectively engineering a lot of this mess might well make your eyes cross in disbelief.

Deals of the Day:

* Sumitomo Mitsui Financial Group, Japan’s third-largest bank, will buy Citigroup’s Japanese brokerage and key investment banking units in a $5.9 billion deal that will create a banking powerhouse.

* Citi execs are using the sale of its Japanese retail brokerage Nikko Cordial to ease demands from the U.S. stress tests on banks, arguing the sale of non-core assets such as Nikko would strengthen its balance sheet, the Financial Times reported, citing people close to the matter.

* General Motors will talk to the Korea Development Bank (KDB) about selling a stake in GM Daewoo, if that would help the South Korean car-making unit in the long term, a top executive said.

* Australia should veto China’s planned $19.5 billion investment in miner Rio Tinto, Australia’s main opposition Liberal Party said as political opposition to the deal continued to grow.

(PHOTO: The Chrysler logo is reflected in the rear view mirror of a vehicle on the lot at Clark Chrysler Jeep Dodge dealership in Methuen, Massachusetts April 30, 2009. )

The Detroit Three automakers go to Washington today, armed with fresh restructuring plans they hope will convince federal lawmakers to open the bailout spigot. For General Motors, Ford and Chrysler the stakes couldn’t be higher.

GM has been reviewing its already revamped business plan and may take steps that include dropping or selling off the Pontiac, Saab and Saturn brands. Ford, seen as the strongest bet to survive of the three because of its better cash position, is considering the sale of Volvo. And Chrysler, seen as the most vulnerable of the bunch, finds itself having to spell out the reasons it needs federal funds even though it’s also looking to hook up with foreign automakers.

As IHS Global Insight analyst Aaron Bragman says: “Just as General Motors is too big to fail, Chrysler is too small to survive on its own.”

GM, Ford and Chrysler have all declined to discuss their restructuring plans before submitting them to key lawmakers today.

The cap-in-hand CEOs will be making their cases against a dire background for automakers globally. Consumers, shocked into hiding by the credit crisis, are reluctant to part with cash. Sales have registered double-digit drops in Germany, Europe’s largest car market, and South Africa, Africa’s top economy. U.S. auto sales, due later on Tuesday, are expected to be just as bad. Toyota Motor Corp, the world’s biggest auto manufacturer, has unveiled new production cuts to deal with the slowdown.

The last time the Detroit Three visited Washington to beg for help, they were heavily criticized for flying in on their corporate jets. Not quite the image of a sector under siege. It’s going to be different this time. Ford’s CEO, Alan Mulally, will actually drive to Washington from Detroit. That’s a 500-mile haul. Talk about trying to make an impression.

More Deals of the Day:

** Coca-Cola Co said it had filed an application for anti-trust approval in China for the company’s $2.5 billion bid for top domestic juice maker China Huiyuan Juice Group.

** Singapore Airport Terminal Services (SATS) will pay state investor Temasek up to US$333 million for control of Singapore Food Industries (SFI), and said it was open to making more acquisitions.

** Memory chip maker Numonyx delayed a purchase of a small stake in its Chinese joint venture with Hynix Semiconductor, Hynix said, as chip makers grapple with a major industry downturn and cash shortage.

** The owners of fast-growing Russian lender Ursa Bank and top-30 bank MDM are eyeing a merger that would create Russia’s second largest private bank, Vedomosti reported, quoting members of the banks’ boards.

** Kuwait’s troubled Gulf Bank has received “numerous” merger offers but believes the time is not right for a deal, its chairman said.

** French advertising giant Publicis announced the latest in a series of acquisitions in China as it looks to boost its presence in fast-growing emerging markets.

** Banks that lent money to the core shareholders of Spanish property firm Metrovacesa have taken a 54 percent stake in the company in exchange for debt, the Sanahuja family said in a statement.

** South Korea’s third-largest steel maker Dongkuk Steel Mill said it would ask a government agency to delay sealing Dongkuk’s $321 million offer for a small domestic builder for “at least one year.”

** French utility Electricite de France said it had made commitments to European regulators as part of its proposed 12.5 billion pound ($18.55 billion) takeover of nuclear operator British Energy Group Plc.

** Sierra Wireless Inc said it was launching a friendly 8.50 euros per share offer for Wavecom, topping a hostile 7 euros per share bid by France’s Gemalto .