Chrysler Asset Transfer to Fiat Put on Hold by Appeals Court
By Michelle Krebs June 3, 2009A federal appeals court has put on hold Chrysler's proposed transfer of assets to a new entity that will be controlled by Italy's Fiat.
U.S. Bankruptcy Judge Arthur Gonzalez in New York had said the sale could take place at noon Friday, moving up the date from June 15. However, an appeals court has agreed to hear the challenge to the sale by a group of Indiana pension funds. Written arguments are due by noon Thursday.
Nevertheless, experts predict Fiat's takeover of Chrysler will ultimately go through.
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