"Supremes Delay Chrysler Sale to Fiat"
Old news.
New news:
US Supreme Court OKs Chrysler Fiat merger
Wed, 10 Jun 2009 07:23:05 GMT
Chrysler is expected to complete the transfer of its assets and management control to a group led by the Italian carmaker on Wednesday.
The creditors filing the appeal, holding $42m out of $6.9b of Chrysler debt, had argued that fundamental legal protections were ignored in a sale forced through by Washington.
Fiat, considered as the only partner apparently able and willing to step in, had said it would possibly walk away if a deal is not finalized by June 15.
The Supreme Court said in an order that the three Indiana state pension funds and several consumer groups, which had objected to the deal, could not demonstrate that the court needed to get involved.
The court's decision leads to the formation of a "vibrant new car company" with Fiat, Chrysler said in a statement. "The transaction is expected to close very shortly."
The Italian Fiat will own 20 percent of the new company while 67.69 percent of it will be owned by a United Auto Workers union retiree health care trust fund. The rest will be owned by the governments of the United States and Canada.
Source:
www.presstv.ir
And what of Viper?
