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Chrysler Creditors Ask U.S. Justice to Stop Fiat Sale

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Greg Stohr and Tiffany Kary
Bloomberg
Sunday, June 7, 2009

Chrysler LLC creditors asked a U.S. Supreme Court justice to block the carmaker from selling its assets as early as tomorrow to a group led by Italy’s Fiat SpA.

Indiana pension funds that lent Chrysler money said in papers filed late yesterday that they will seek a Supreme Court review of a ruling allowing the sale. The funds asked Justice Ruth Bader Ginsburg for an order blocking the transfer until the high court decides whether to hear the funds’ appeal.

“Absent a stay, the sale will close on Monday, June 8, 2009,” the funds said in their court papers, filed in Washington. They said they would suffer “irreparable harm” should the sale go forward.

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Chrysler Creditors Ask U.S. Justice to Stop Fiat Sale  290509banner

A federal appeals court in Manhattan on June 5 upheld a bankruptcy judge’s ruling letting the sale proceed, while ordering the decision put on hold until 4 p.m. tomorrow to let the creditors appeal to the Supreme Court. If the justices deny a stay sooner than that, Chrysler can complete the sale immediately.

Ginsburg, who handles emergency matters from the New York- based court, can either act on her own or refer the matter to the full nine-member court. The votes of at least four of the nine justices are required for the Supreme Court to consider the appeal.

Full article here

This article was posted: Sunday, June 7, 2009 at 6:18 am





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