Supreme Court Won't Block Chrysler Sale

Administration triumphs as bankruptcy effectively ends

(NEWSER) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy. More»

(NEWSER) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would require five judges to agree. Ginsburg’s decision said the sale was “stayed pending further order.” More»

(AP) - Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early today to put the sale on hold so they can pursue an appeal. The emergency request goes first to Justice Ruth Bader Ginsburg, who handles such matters from New York. She can act on her own or refer it to the entire court. More»

(NEWSER) - The Obama administration foisted the Fiat alliance on Chrysler, brushing aside its concerns about Fiat’s financial health and unwillingness to share technology, the Wall Street Journal reports. E-mails filed during Chrysler’s bankruptcy proceedings show Fiat ignoring requests for documents, reluctant to ante up funds, and attempting to change contract terms late in the talks. Chrysler officials worried that they, and the government, might find themselves “in bed with a shady partner.” More»

Bankruptcy ruling starts clock ticking toward merger with Fiat

(NEWSER) - A bankruptcy judge has given Chrysler approval to auction off most of its assets by May 27, the Detroit Free Press reports. The move—decided over the strenuous objections of some lenders holding Chrysler debt—is the first step toward the auto maker's proposed partnership with Fiat, which has offered some $2 billion for Chrysler's assets. More»