Chrysler Appears Hours Away From Fiat Sale Ruling

By: Associated Press Email
By: Associated Press Email

New york (AP) -- Chrysler could be hours away from a ruling on its plan to sell most of the company to a group led by Italy's Fiat.

Closing statements on the sale began in U.S. Bankruptcy Court this afternoon, the third day of hearings on the proposed deal.

Judge Arthur Gonzalez is expected to approve the sale today. But it's likely that attorneys for three Indiana state pension and construction funds will appeal the decision. That could force Chrysler to postpone the deal's closing.

Chrysler claims that any delay could push Fiat to back out, since it's set a deadline of June 15 to wrap up a transaction.

If the sale ultimately goes through, the automaker could emerge from Chapter 11 Bankruptcy protection within weeks. Chrysler filed for Chapter 11 on April 30.

(Copyright 2009 by the Associated Press. All rights reserved.)

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