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US Supreme Court gives thumbs up to Chrysler deal

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US Supreme Court gives thumbs up to Chrysler deal


The US supreme court has rejected an appeal by a pension fund and other groups to block the sale of Chrysler.

The move clears the way for a partnership with the Italian carmaker Fiat. A decision to temporarily delay the deal by Supreme Court Justice Ruth Bader had threatened to derail the sale going ahead. The news came as a bankruptcy judge also approved Chrysler’s plan to shut down nearly 800 dealerships. The Obama administration, which pumped more than 5 billion euros into Chrysler, strongly backed the deal. Something Fiat could have walked away from if it had not been sealed by June 15. Fiat’s shares rose this morning following news of the Supreme Court ruling. Chrysler entered bankruptcy in April and was losing 75 million euros a day after a huge slump in sales brought on by the financial crisis.

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