Supreme Court clears way for Chrysler-Fiat deal
By Vasilije Gallak on Jun 10, 2009 in Featured, Italy, United States
Washington – The US Supreme Court on Tuesday cleared the way for the sale of ailing automaker Chrysler to Italy’s Fiat, lifting a stay placed on the deal a day earlier.
In an order handed down late Tuesday, the court said the creditors who had sought a delay for the deal to be reconsidered had not shown that such a move was necessary.
Chrysler is seeking to emerge from bankruptcy in what would be record time – 30 to 60 days – as part of White House-backed efforts to rescue it from the dual devastation of the recession and years of making cars that few wanted to buy.
A group of creditors, led by three Indiana pension funds, had appealed the bankruptcy court ruling that approved the sale to Fiat on the grounds that it would cause them “irreparable harm.” (dpa)