Courts delay Chrysler bankruptcy - Business First of Buffalo:

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According to Bloomberg, Justice Ruth Bade r Ginsburg has put the bankruptcy courg ruling allowing the sale on hold untillfurther notice, though a timeline and specifivc reason was not provided. The delagy came after Indiana pension fundsz requested a stay from the court so it couled hear their appealof Chrysler’s decision to sell to Fiat. Undetr Chrysler’s Chapter 11 bankruptcyy reorganization, Chrysler would sell its assets to Italiann carmaker Fiat. It also was announced last monthu789 U.S.
dealerships will lose their franchises by June 9 as part of the Chrysler has listed two Triad dealerships that will losetheirt franchise: Stearns Chrysler Jeep in Graham and City Motors, which sellzs Jeep, in Greensboro. Mike Cranford, general manager of City said he does not know if they delay will mean anything significant forhis dealership, but hopea that the courts will more closely review the decision to cut He says if nothinyg else, he’d hope Chrysler could help buy back inventorty and not simply take away the brand. “If we can’ t be Jeep dealer, we’d at least like a chancew to sellthe franchise,” he says.
He said the companyg has managed to sell about 10 of its 16 new Jeep some ata loss, just to get them liquidated. About five employeesz have beenlaid off, leavinfg about 20. Another six to eight coulc be cut if the bankruptcy as is, goes through.