NEW YORK (AP) - Chrysler is a step closer to emerging from
The Supreme Court has cleared the way for the sale of the bulk
of Chrysler's assets to Fiat. The high court rejected an appeal by
a trio of Indiana pension and construction funds, consumer groups
and others who wanted to block the transaction.
The deal has the backing of the Obama administration. It will
likely close today, according to A person briefed on the company's
plans who declined to be named ahead of an official announcement.
Chrysler released a statement last night saying it expects the sale
to close "very shortly."
Chrysler cleared another obstacle when a bankruptcy judge
approved a plan to terminate 789 dealer franchises.
Many of the dealers were trying to sell the last cars on their
lots and preparing to shut their doors for good at the end of the
day. Others plan to sell used cars or other brands after severing
ties with Chrysler.