Fiat Says It Won't Walk Away From Chrysler Deal

Administrator · 06-09-2009, 01:07 PM

When the U.S. Supreme Court delayed the sale of Chrysler to Fiat yesterday it put the whole contract in jeopardy, giving the Italian automaker the opportunity to walk away if the sale isn't approved by June 15th. Fiat CEO Sergio Marchionne has, however, confirmed his commitment to the purchase, saying that it would not deter him.

"We would never walk away," he said in an interview with Bloomberg. "Never."

Late Monday afternoon Supreme Court Justice Ruth Bader Ginsburg delayed the sale but did not make clear the intentions of the court. A group of Indiana pension funds have attempted to block the sale of Chrysler to a Fiat-run group (also comprised of the U.S. and Canadian governments) by alleging that the initial bankruptcy court acted contrary to the law by putting the needs of unsecured lenders ahead of secured ones (some of which include the pension funds).

The bankruptcy court's decision was upheld by an appeals court and now the matter may go before the Supreme Court.

It is not guaranteed that the Supreme Court will hear the case but that is the speculation.

All we do know is that Fiat has an unwavering interest in the Chrysler brand and the U.S. market. This is likely due to Marchionne's belief that in a post-recession auto industry there will be far fewer major players controlling significantly larger shares of the market.

More: Fiat Says It Won't Walk Away From Chrysler Deal on AutoGuide.com

Reddooley · 06-10-2009, 02:31 PM

Old news already. The deal has been done.
I also dont know why we keep saying fiat is buying chrysler, or Chrysler was SOLD to Fiat.
Fiat was GIVEN 20% share of Chrysler, with the opportunity to be GIVEN another 15%, for a total of 35%
they would be GIVEN.
They didnt buy anything.
Its all amazingly queer.

__________________
99 3500 5 spd. quadcab longbed 2wd dually Airdog 100

06-09-2009, 01:07 PM	#1 (permalink)
Administrator Administrator Join Date: Mar 2008 Posts: 393 Thanks: 27 Thanked 22 Times in 12 Posts Administrator's Truck Pics	Fiat Says It Won't Walk Away From Chrysler Deal When the U.S. Supreme Court delayed the sale of Chrysler to Fiat yesterday it put the whole contract in jeopardy, giving the Italian automaker the opportunity to walk away if the sale isn't approved by June 15th. Fiat CEO Sergio Marchionne has, however, confirmed his commitment to the purchase, saying that it would not deter him. "We would never walk away," he said in an interview with Bloomberg. "Never." Late Monday afternoon Supreme Court Justice Ruth Bader Ginsburg delayed the sale but did not make clear the intentions of the court. A group of Indiana pension funds have attempted to block the sale of Chrysler to a Fiat-run group (also comprised of the U.S. and Canadian governments) by alleging that the initial bankruptcy court acted contrary to the law by putting the needs of unsecured lenders ahead of secured ones (some of which include the pension funds). The bankruptcy court's decision was upheld by an appeals court and now the matter may go before the Supreme Court. It is not guaranteed that the Supreme Court will hear the case but that is the speculation. All we do know is that Fiat has an unwavering interest in the Chrysler brand and the U.S. market. This is likely due to Marchionne's belief that in a post-recession auto industry there will be far fewer major players controlling significantly larger shares of the market. More: Fiat Says It Won't Walk Away From Chrysler Deal on AutoGuide.com

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06-10-2009, 02:31 PM	#2 (permalink)
Reddooley Cummins Nut Join Date: Oct 2008 Location: Arizona Posts: 375 Thanks: 15 Thanked 5 Times in 5 Posts Reddooley's Truck Pics	Old news already. The deal has been done. I also dont know why we keep saying fiat is buying chrysler, or Chrysler was SOLD to Fiat. Fiat was GIVEN 20% share of Chrysler, with the opportunity to be GIVEN another 15%, for a total of 35% they would be GIVEN. They didnt buy anything. Its all amazingly queer. __________________ 99 3500 5 spd. quadcab longbed 2wd dually Airdog 100