Appeals Court Upholds Chrysler's Sale to Fiat

A U.S. Court of Appeals ruled to uphold the sale of Chrysler to Fiat SpA -- a sale which was approved in a ruling by Judge Albert Gonzalez earlier this week.

Glenn Kurtz, a lawyer with the White & Case law firm represents several Indiana state pension funds who had appealed the ruling, but that appeal was denied, Friday.

Kurtz and the pension funds can still try and file an appeal with the US Supreme Court until June 8 at 4:00 pm (ET), when the deal officially closes. In an interview with FOX Business correspondent Adam Shapiro, he indicated that he is prepared to ask the Supreme Court to hear their appeal, and he has until Monday to do so.

“The last we left it Chrysler did not yet have regulatory approval so they couldn’t close—I don’t know if they’ve obtained that since but my expectation is that they will work vigilantly to close immediately in an effort to moot out any further appeals.”

Kurtz said that despite the June 15 deadline that Fiat set for closure of the transaction, he anticipates that there is plenty of time for the Supreme Court to hear the case.

“Cars aren’t going back into production until mid-August,” Kurtz said. “I suspect we have quite a bit of time before there’s any real need to close this transaction.”