Yesterday the U.S. Supreme Court delayed the Fiat/ Chrysler deal to listen to arguments from three Indiana pension and construction funds who are against the sale. The funds have been fighting the sale since since they feel that it unfairly favors Chrysler’s unsecured stakeholders ahead of secured debtholders like themselves.
Under the terms of the agreement with Fiat, Fiat has the option to abandon the deal if it is not completed by June 15th. It is not known how long the Supreme Court is going to delay the deal, but Fiat has announced that the automaker has no plans to end the deal.
“Fiat won’t walk away from Chrysler,” Fiat spokesman Gualberto Ranieri said.
Breaking News: U.S. Supreme Court Has Delayed the Sale of Chrysler