Getting your player ready...
NEW YORK — A federal bankruptcy judge approved the sale of most of Chrysler’s assets to Italy’s Fiat, moving the U.S. automaker a step closer to its goal of a quick exit from court protection.
But a trio of Indiana state pension and construction funds filed an appeal, saying the ruling sets aside the rights of the company’s secured lenders while doling out its assets to others.
Judge Arthur Gonzalez said in his ruling late Sunday that a speedy sale — the centerpiece of a restructuring plan backed by the Obama administration’s automotive task force — was needed to keep the value of Chrysler from deteriorating.
