After a federal appeals court upheld a lower court’s approval to sell most of Chrysler’s assets to Fiat, three Indiana state pension funds appealed the ruling to the United States Supreme Court. The three Indiana funds represent teachers and police personnel and hold about $42.5 million of Chrysler’s $6.9 billion in debt. The funds were demanding greater compensation for Chrysler’s secured debt, and argue that Chrysler might have received a better outcome through liquidation rather than by the Fiat offer. The sale of Chrysler’s assets had been stayed until Monday, June 8, 2009. Late in the afternoon on Monday the Supreme Court agreed to delay the sale until a hearing on the appeal by the three Indiana state funds could be heard, thereby raising questions as to the outcome of Chrysler’s bankruptcy case.<\/p>\n","protected":false},"excerpt":{"rendered":"
After a federal appeals court upheld a lower court’s approval to sell most of Chrysler’s assets to Fiat, three Indiana state pension funds appealed the ruling to the United States Supreme Court. The three Indiana funds represent teachers and police personnel and hold about $42.5 million of Chrysler’s $6.9 billion in debt. The funds were… Continue reading