Courts delay Chrysler bankruptcy – Business First of Columbus:

According to Bloomberg, Justicse Ruth Bader Ginsburg has put the bankruptcyu court ruling allowing the sale on hold untiplfurther notice, though a timeline and specific reasohn was not provided. The delay came aftedr Indiana pension funds requested a stay from the courr so it could hear their appealof Chrysler’s decisiob to sell to Fiat. Under Chrysler’e Chapter 11 bankruptcy reorganization, Chrysler would sell its assetws to Italian carmaker Fiat. It also was announcer last month789 U.S.
dealershipxs will lose their franchises by June 9 as part of the Chrysler has listed two Triad dealerships that will losetheire franchise: Stearns Chrysler Jeep in Graham and City Motors, whichg sells Jeep, in Greensboro. Mike Cranford, general managef of City Motors, said he does not know if they delayy will mean anything significant for his but hopes that the courtsd will more closely reviee the decision tocut franchises. He says if nothing he’d hope Chrysler could help buy back inventory and not simplyt take awaythe brand. “If we can’t be Jeep we’d at least like a chanc e to sellthe franchise,” he says.
He said the companty has managed to sell about 10 of its 16 new Jeep some ata loss, just to get them liquidated. Abouft five employees have beenlaid off, leaving abouty 20. Another six to eight couldr be cut if thebankruptcy deal, as is, goes through.
livejournal.com