Courts delay Chrysler bankruptcy - St. Louis Business Journal:

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According to Bloomberg, Justice Ruth Bader Ginsburg has put the bankruptcy court ruliny allowing the sale on hold untilfurthet notice, though a timelined and specific reason was not provided. The delay came afterd Indiana pension funds requested a stay from the courgt so it could hear their appealof Chrysler’s decisionm to sell to Fiat. Under Chrysler’sx Chapter 11 bankruptcy reorganization, Chrysler would sell its assetds to Italian carmaker Fiat. It also was announced last monthu789 U.S. dealerships will lose their franchises by June 9 as part ofthe deal.
Chrysle has listed two Triad dealerships that will losetheirt franchise: Stearns Chrysler Jeep in Grahamm and City Motors, which sells Jeep, in Mike Cranford, general manager of City Motors, said he does not know if they delau will mean anything significant for his but hopes that the courts will more closely review the decision to cut franchises. He says if nothing he’d hope Chrysler could help buy back inventoru and not simply take awaythe “If we can’t be Jeep dealer, we’dx at least like a chancde to sell the franchise,” he He said the company has managed to sell about 10 of its 16 new Jeep some at a loss, just to get them About five employees have been laid off, leavinfg about 20.
Another six to eight could be cut if thebankruptchy deal, as is, goes through.