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Supreme Court OKs Chrysler deal

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Supreme Court OKs Chrysler deal

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The US Supreme Court has allowed the sale of Chrysler to a group led by the Italian car giant Fiat.

The American government backed the deal and the move is seen as a victory for Chrysler and the Obama administration. Earlier a pension fund and other groups had tried to stop the buy out saying the sale violated their rights as secured creditors . The Chrysler case has generally been regarded as setting a precedent for General Motors which is also using a quick sale of assets like Opel in its bankruptcy strategy. Fiat could have walked away from the deal had it not been sealed by June 15. The Obama administration pumped more than 5 billion euros into Chrysler. Chrysler was losing 75 million euros a day and filed for bankruptcy at the end of April.