Supreme Court clears Chrysler sale

The Indiana Treasurer had filed claims and appeals on behalf of the Indiana funds on the basis the sale of Chrysler would have discriminated against them as creditors, but it has now exhausted all its judiciary options. (Global Pensions, June 9, 2009)

In a statement, Indiana State treasurer Richard Mourdock said: "I am disappointed to have learned that the U.S Supreme Court has lifted the stay in the Chrysler bankruptcy case thereby allowing the company to be acquired by the United States government so it may distribute its assets as it directs.

"The future ramifications of the court's decision on the capital markets remain to be seen. From the onset of the case, I have fought for Indiana's retired teachers, retired state policemen, and Hoosier taxpayers. I have no regret for having done so and for having carried this case to the door step of the nation's highest court."

Fiat chief executive Sergio Marchionne said: "This is a very significant day, not only for Chrysler and its dedicated employees, who have persevered through a great deal of uncertainty during the past year, but for the global automotive industry as a whole.

"From the very beginning, we have been adamant that this alliance must be a constructive and important step towards solving the problems impacting our industry. We, now look forward to establishing a new paradigm for how automotive companies can operate profitably going forward."