Thursday, June 4, 2009
Chrysler, its union and others are objecting to an attempt by a group of Indiana pension funds to block the sale of Chrysler to Italian automaker Fiat.
The groups filed briefs with the U.S. Court of Appeals for the Second Circuit on Thursday. They say the sale is fair and has the backing of the majority of Chrysler's creditors. The groups include Chrysler, its finance arm, its unsecured creditors, the United Auto Workers and Fiat.
The investment firm OppenheimerFunds filed its own brief supporting the Indiana funds. OppenheimerFunds was among a group of secured Chrysler lenders who initially opposed the sale but later consented.
The Indiana funds contend the sale is unconstitutional and unfairly favors lower-tier lenders.