Archive for the ‘Chrysler’ Category

Chrysler-Fiat deal continues

Posted: June 10, 2009 in Chrysler

What remains of the bankrupt automaker Chrysler will be sold to Fiat after the U.S. Supreme Court got out of the way of the deal.

The Supreme Court, which had temporarily held up the deal while it considered appeals by three Indiana state pension funds and several consumer groups, said in an order that the groups had not proven that the court needed to intervene.

Chrysler predicted that it could emerge from bankruptcy-court protection this week now that a federal judge has cleared the way for the automaker’s sale.

Bankruptcy Judge Arthur Gonzalez approved the sale of most of Chrysler’s assets to Italian automaker Fiat, a union-backed trust and the U.S. and Canadian governments. The sale was part of the restructuring plan backed by the White House, which has lent the automaker almost $5 billion since its Chapter 11 filing April 30.