U.S. Supreme Court Justice Ruth Bader Ginsberg issued a temporary stay of Chrysler’s assets to Italian automaker Fiat, throwing a roadblock in the quick bankruptcy process that was hoped for. The sale of assets would have included Chrysler’s most valuable assets, such as plants, dealerships and contracts.
U.S. Court of Appeals for the Second Circuit had approved the sale, but it was challenged by emergency requests filed by groups representing unions, lenders, stockholders, and others. The stay will give the Court additional time to consider the matter. No timeline has been given for when the Court will issue a decision.
Source: http://jurist.law.pitt.edu/paperchase/2009/06/chrysler-sale-delayed-temporarily-by.php
Tags: Bankruptcy, Chrysler, stay
