Chrysler suffered a last-minute setback to its hopes of a speedy restructuring on Monday after the US Supreme Court delayed the sale of the bankrupt carmaker to a group led by Italy's Fiat.
Justice Ruth Bader Ginsburg halted the deal just minutes before Chrysler's restructuring was due to close at 4pm “pending further order” of the court following objections from three Indiana pension funds that hold $42m (￡26m) of the company's $6.9bn in secured debt.
The stay gives hope to the last group of creditors who oppose the terms of the bankruptcy settlement. It has the potential to derail the restructuring and cast a shadow over the bankruptcy proceedings of General Motors.
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