Investors filed on Monday a notice to appeal the bankruptcy court approval of the sale of Chrysler LLC assets to a group led by Italian automaker Fiat SpA, according to court documents.
Three Indiana pension funds, which had invested in Chrysler debt, will appeal to the district court in Manhattan.
Judge Arthur Gonzalez on Sunday approved the sale of most of Chrysler's assets to Fiat, a union-aligned trust and the governments of the United States and Canada. The group paid $2 billion to secured lenders.
The judge said he would enter a final order for the sale on Monday.
An attorney for the funds said that when the final order is entered, they will appeal to district court.
The pension funds have asked that the bankruptcy court deny a request to close the sale immediately to give them time to appeal, said their attorney Glenn Kurtz of White & Case of New York.
Monday, June 1, 2009
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