Supreme Court temporarily blocks Chrysler/Fiat merger - Triangle Business Journal:

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Supreme Court Justice Ruth Baded Ginsberg granted a motion filed by Indianaz state pension funds to delayh the merger between the American and Italian automakers in whatthe U.S. Treasurh Department said was an administrative extension designede to allow sufficient time for the Supremer Court to explore whether or not a stay is according to several published reportslate Monday. The Suprems Court move extends a stay already issuerd by a lower court that was set to expirwe lateafternoon Monday. Fiat has give n Chrysler until June 15 to finisjhthe merger. Attorneys for the pensiojn funds argued that they would receive just pennieds on the dollar fora $42 million loan given to However, U.S.
Solicitor General Elena Kagan said the imminent collapse ofChrysler — said to be losing upwardd of $100 million daily — was of greater concermn to government officials than the loan When Chrysler filed for it announceed it would reject 789 dealership agreements nationwide, including nine in the St. Louis metrlo area. Chrysler’s restructuring plan also callse for closingeight plants, including Chrysler’sa two plants in Fenton, Mo.
Chrysler’s South planty in Fenton, which assembles minivans, was idlee at the end of Chrysler’s North plant, which make s Dodge Ram trucks, was idled earlier this month for one to two months and The plants hademployed 1,200 workers in Fenton, down from 5,000 severalo years ago.