Chrysler poised to close sale, exit Chapter 11 bankruptcy

NEW YORK (AP) — Chrysler was a step closer to emerging from bankruptcy protection today, a day after opponents of the automaker’s planned partnership with Italy’s Fiat exhausted their appeals in an effort to halt the Obama administration-backed sale.

Late on Tuesday, the U.S. Supreme Court cleared the way for the sale of the bulk of Chrysler LLC’s assets to Fiat Group SpA, rejecting an appeal by a trio of Indiana pension and construction funds, consumer groups and others to block the transaction.

The deal will likely close today, according to a person briefed on the company’s plans who declined to be named ahead of an official announcement by the automaker. Chrysler released a statement late Tuesday saying it expects the sale to close “very shortly.”