OppenheimerFunds Inc., the only mutual fund manager listed among opponents of the U.S. government's restructuring plan for Chrysler LLC, dropped out of the effort, precipitating the collapse of the dissident lenders' group.

The $1.3 billion Oppenheimer Senior Floating Rate Fund, whose stated goal is to preserve investors' capital, bought $83 million of the debt. It was the fund's third-largest holding as of Jan. 31. OppenheimerFunds also bought debt for other funds and ultimately held about $100 million.

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