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Fiat Will ‘Never’ Walk Away From Chrysler, CEO Says (Update1)

June 8

Fiat SpA will “never” walk away from its deal with Chrysler LLC, Fiat Chief Executive Officer Sergio Marchionne said in an interview.

“We should just be patient and let the system work,” Marchionne said by telephone today moments after Justice Ruth Bader Ginsburg ordered a delay of Chrysler’s planned sale to the Italian carmaker while the U.S. Supreme Court considers a request for a longer postponement that might scuttle the deal.


A federal appeals court in New York last week allowed the sale, while putting its decision on hold until 4 p.m. today to let opponents, including Indiana pension funds, seek Supreme Court intervention. The Indiana pension funds hold $42.5 million of $6.9 billion in Chrysler’s secured loans.

“We would never walk away,” Marchionne said in response to a question about whether Fiat would pull out of the deal if it isn’t completed by the June 15 deadline. “Never.”

Ginsburg’s one-sentence order, which came only in the pension fund case, said the bankruptcy court orders allowing the sale “are stayed pending further order” of the Supreme Court.

Chrysler said in court papers that the sale is necessary to stanch losses of $100 million a day and would help save 38,500 jobs plus those of workers at its suppliers.


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Fiat Will ?Never? Walk Away From Chrysler, CEO Says (Update1) - Bloomberg.com
 
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