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Fiat ‘won’t walk’ after court delays Chrysler deal

Fiat ‘won’t walk’ after court delays Chrysler deal
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First Published: Tue, Jun 09 2009. 02 21 PM IST
Updated: Tue, Jun 09 2009. 02 21 PM IST
Milan / Washington: Italian automaker Fiat will not walk away from its deal to buy bankrupt Chrysler LLC, a spokesman said on Tuesday after a US court delay threw the deal into doubt.
Both Chrysler and the Obama administration have said a long delay could kill the deal and end up with Chrysler’s liquidation, and Fiat can walk away from the deal if it does not close by 15 June.
“Fiat will not walk away from the deal if it isn’t completed by the 15 June deadline,” a spokesman said on Tuesday.
In a ruling on Monday, Justice Ruth Bader Ginsburg said the bankruptcy judge’s orders allowing the sale “are stayed pending further order” by her or by the Supreme Court.
It was unclear what the next step would be, but many experts interpreted the action as giving the top court more time to weigh its response to a request by three Indiana pension funds and others for a stay of the deal.
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First Published: Tue, Jun 09 2009. 02 21 PM IST
More Topics: Fiat | Chrysler | Obama | Law court | Automaker |