Fiat Set To Seal Chrysler Deal As Supreme Court Clears Hurdle

June 10, 2009

(ChattahBox) — The Supreme Court cleared the way for the sale of the bulk of Chrysler LLC’s assets to Fiat Group SpA on Tuesday, rejecting an appeal by a trio of Indiana pension and construction funds, and others to block the transaction. In a two-page order, the court said the group of Indian pension funds that appealed the deal had not shown “that the circumstances justify” a stay.
“The temporary stay entered by Justice (Ruth Bader) Ginsburg on June 8, 2009, is vacated,” the court said.
Chrysler is now very close to emerging from bankruptcy protection, which was financed by the U.S. and Canada with $2 billion. The new company, Chrysler Group LLC, will be 20 percent owned by Turin, Italy-based Fiat, 9.85 percent by the U.S., 2.46 percent by Canada and 67.69 percent by a United Auto Workers union retiree health care trust fund.


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