U.S. Supreme Court Delays Chrysler Sale To Fiat

Posted on June 8, 2009 by Craig Cherry

Today, Justice Ruth Bader Ginsberg temporarily delayed the sale of Chrysler's assets to Fiat after two groups petitioned the high court for review of orders approving the sale by the bankruptcy judge and the Second Circuit Court of Appeals.  The Court's order does not state how long the delay will last.  Chrysler has claimed its deal with Fiat is a critical part of its plan to emerge from Chapter 11 bankruptcy protection and that if a sale to Fiat does not close by June 15, Fiat has the option of pulling out of the agreement, leaving Chrysler with no other choice but to liquidate.

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