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Ind. Officials Renew Chrysler Bankruptcy Fight

AP
Fri, September 04, 2009

INDIANAPOLIS — Indiana officials are asking the U.S. Supreme Court to reconsider hearing their objections to the Chrysler bankruptcy proceedings that resulted in the sale of the bulk of the automaker's assets to Italy's Fiat.

The Supreme Court in June rejected an appeal by a trio of Indiana pension and construction funds to block the automaker's sale. The court at that time did not consider the merits of the opponents' arguments, only whether to hear their full-blown appeal.

Indiana officials claim the sale unfairly favored Chrysler's unsecured stakeholders such as the United Auto Workers ahead of secured debtholders like the pension funds.

The petition filed Thursday argues that the Supreme Court should decide whether bankruptcy proceedings similar to Chrysler's should be allowed in the future.

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