Breaking News: Investors block Fiat-Chrysler deal
By Andrew C., 27 Aug, 2010. 0 Comments
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A group of investors for Chrysler have made a last shot to foil its partnership with Fiat. Although a court of appeals has already authorized the sale of most of Chrysler's assets to the Italian carmaker Fiat, the governments of both the US and Canada and the United Auto Workers healthcare trust on Friday, a temporary restraining order has been granted to the three Indiana-based pension funds until 4pm today to enable them to file an emergency appeal to the Supreme Court of the United States. The Indiana funds is said to have $42 million of the $6.9 billion secured debts of Chrysler. A judge of the appeals court, however, told the Indiana funds that they can´t wait for a better deal from Studebaker. In their appeal, Indiana funds states that without a stay enforced, the court will lose its chance to settle a crucial and nationally important legal matter with regards to the economy management by the government of the country.
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