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Appeal hitch hits Chrysler deal

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Appeal hitch hits Chrysler deal

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A group of Indiana pension funds has led a successful bid to bring Chrysler’s sale to a Fiat-led partnership to an appeal court.

The appeal, to be heard in New York could delay the sale. The funds say the deal violates bankruptcy laws as it favours junior creditors over senior secured creditors. More than 90 percent of this group supports the deal.