The United States Supreme Court decided just minutes ago that it would not block the sale of Chrysler LLC to Italian automaker Fiat, as had been requested by a trio of Indiana pension funds. For the sale to go through is a coup for both Chrysler and the Obama administration, which had pushed for the move, which will help Chrysler emerge from bankruptcy.
The Supreme Court rubffed a proposed delay by three Indiana pension funds, which together held a little under 1 percent of Chrysler’s significant debt. Assuming no more hurdles arrive, Chrysler will soon be owned by Fiat, a trust aligned with the United Autoworkers, the U.S. government and the governments of Ontario and Canada.
The approval further sets the tone for General Motors, which is expected to follow the Chrysler model should it emerge from bankruptcy in the next 30 to 60 days, as it says it plans to do.
