The Supreme Court makes decision to put Chrysler’s sale to Fiat on hold.
Wired PR News – The Supreme Court blocked the sale of Chrysler’s assets to Italian automaker Fiat on Monday. As reported by the Associated Press (AP), Justice Ruth Bader Ginsberg issued an order blocking the sale pending further review.
As noted by the AP, Chrysler LLC has stated that if the sale is not closed by June 15, Fiat Group SpA will not be obligated to proceed with the deal, which Chrysler says is a crucial step in order for them to bounce back from bankruptcy. Many are reportedly in disagreement with terms of the sale that would release the new Chrysler company from liability on claims against the company prior to restructuring.
As further noted in the report, the delay by the Supreme Court may be temporary. An appeals court gave approval for the sale last week.
Photo Credit: Johannes FasoltTags: bankruptcy, Chrysler, Fiat, June, Justice Ruth Bader Ginsberg, liability, restructuring, Supreme Court