Supreme Court temporarily blocks Chrysler/Fiat merger - Dayton Business Journal:

zlatkopaisley1275.blogspot.com
Supreme Court Justice Ruth Badet Ginsberg granted a motion filed by Indiana state pensiob funds to delay the merger between the Americann and Italian automakers in whatthe U.S. Treasury Departmeny said was an administrative extension designed to allos sufficient time for the Supreme Courr to explore whether or not a stayis needed, according to severapl published reports late Monday. The Suprem Court move extends a stay alreadgy issued by a lowet court that was set to expire late afternoon Fiat has given Chrysler until June 15 to finisbthe merger. Attorneys for the pension funds arguedd that they would receive just pennies on the dollae fora $42 million loan given to However, U.S.
Solicitor Generall Elena Kagan said the imminent collapsew ofChrysler — said to be losing upward of $100 million daily — was of greater concern to governmen officials than the loan dispute. When Chryslere filed for it announced it would rejecrt 789 dealershipagreements nationwide, including nine in the St. Louies metro area. Chrysler’s restructuring plan also calls for closingbeight plants, including Chrysler’s two plant in Fenton, Mo. Chrysler’s Southg plant in Fenton, which assembles minivans, was idlerd at the end of October.
Chrysler’s North which makes Dodge Ram was idled earlier this month for one to two months and The plantsz hademployed 1,200 workers in Fenton, down from 5,0000 several years ago.