Top court delays Chrysler sale to Fiat 美最高法院中止克莱斯勒出售
文章来源: 文章作者: 发布时间:2009-06-21 01:23 字体: [ ]  进入论坛
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美国最高法院已于6月8日做出判决,中止克莱斯勒将大部分财产出售给菲亚特的计划,这使得克莱斯勒的命运更加扑朔迷离。此前,各级法院做出的判决都与克莱斯勒的破产重组计划相吻合,法律专家们没有想到最高法院会阻止该转售交易的进行。目前并没有迹象表明此次中止会持续很久。在反对出售的相关利益团体提起上诉的情形下,该判决事实上是为了争取时间,以使法庭更充分地审理此案。

 

Chrysler's five weeks of breakneck-speed bankruptcy1 proceedings2 came to a screeching3 — but possibly temporary — halt Monday, when a Supreme4 Court justice delayed its sale of assets to Italy's Fiat5. The move could derail the government's ambitious plan for the US automaker to blaze a path to profitability without the burden of many of its debts.

Justice Ruth Bader Ginsburg issued a stay just a week before Chrysler says the government-backed sale must go through. After June 15, Fiat could walk away from the deal and leave the struggling US automaker with little option by to liquidate7.

It was unclear late Monday just how long the stay would last, or if the high court planned to take up the case.

Chrysler said it had no comment until it receives further information from the court.

Ginsburg said in her one-sentence order that the sale is "stayed pending8 further order," indicating that the delay may only be temporary. Ginsburg could decide on her own whether to end the delay, or she could ask the full court to decide.

A federal appeals court in New York approved the sale Friday, but gave opponents until 4 pm Monday to try to get the high court to intervene. Ginsburg issued her order minutes before the deadline.

Despite the aggressive objections of a trio of Indiana state pension and construction funds that own a small part of Chrysler's secured debt, the automaker has moved swiftly through the Chapter 11 process.

The Auburn Hills, Mich., company received bankruptcy court approval for the sale just a month after filing for bankruptcy protection and had been expected to emerge from court oversight9 when the sale closed.

Chrysler's ability to speed through the process has partially10 been a result of the involvement of the Obama administration's auto6 task force, which provided $4.5 billion in bankruptcy financing and helped negotiate a deal between the company's stakeholders.

Under a deal brokered11 in the days leading up to Chrysler's April 30 Chapter 11 filing, Fiat will receive up to a 35 percent stake in the new company created by the sale, in exchange for sharing the technology Chrysler needs to create smaller, more fuel-efficient vehicles.

The United Auto Workers union will get a 55 percent stake that will be used to fund its retiree health care obligations, while the US and Canadian governments will receive a combined 10 percent stake.

Meanwhile, the automaker's secured debtholders would get $2 billion in cash, or about 29 cents on the dollar, for their combined $6.9 billion in debt. Some of the debtholders balked12 at the deal, saying as secured lenders they deserved more.

A group of investment firms that held about 4 percent of Chrysler's secured debt filed an objection to the sale shortly after the automaker's Chapter 11 filing, but the group later dissolved, saying it didn't have enough members to mount an effective challenge.

Later on, the Indiana funds, represented by the same law firm as the dissident debtholders, filed their own objection and eventually appealed to the 2nd US Circuit Court of Appeals and the Supreme Court. They claim the sale unfairly favors Chrysler's unsecured stakeholders such as the union ahead of secured debtholders like themselves.

The funds also are challenging the constitutionality of the Treasury13 Department's use of money from the Troubled Asset Relief Program to supply Chrysler's bankruptcy protection financing. They say the government did so without congressional authority.

The funds hold about $42.5 million, or less than 1 percent, of Chrysler's $6.9 billion in secured debt. They bought it in July 2008 for 43 cents on the dollar.

Consumer groups and individuals with product-related lawsuits14 also are contesting a condition of the Chrysler sale that would release the company from product liability claims related to vehicles it sold before the asset sale to Fiat.

Compensation for such claims would have to be sought from the parts of the company not being sold to Fiat. But those assets have limited value and it's doubtful that there will be anything available to pay out.

Chrysler also is working to reduce its ranks by 789 dealers15, or about 25 percent, as part of its cost-cutting actions. But the move, which still needs bankruptcy court approval, is being challenged by a group representing more than 300 dealers, as well as individual dealers.

A hearing on the motion that began Thursday with the testimony16 of about a dozen dealers is scheduled to continue Tuesday with arguments. US Judge Arthur Gonzalez is expected to rule after arguments conclude.

The appeals come as Congress scrutinizes17 the Obama administration's restructuring of Chrysler and General Motors Corp. The Senate Banking18 Committee said it planned to call Ron Bloom, a senior adviser19 to the auto task force, and Edward Montgomery, who serves as the Obama administration's director of recovery for auto communities and workers, to a hearing Wednesday.

Sen. Christopher Dodd, D-Conn., the committee's chairman, planned to review the use of TARP funds to help the auto companies and look at whether taxpayers20 will receive a return on their investment.

GM and Chrysler executives faced questions last week from Congress over the elimination21 of hundreds of dealerships as part of the companies' reorganizations.



点击收听单词发音收听单词发音  

1 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
2 proceedings Wk2zvX     
n.进程,过程,议程;诉讼(程序);公报
参考例句:
  • He was released on bail pending committal proceedings. 他交保获释正在候审。
  • to initiate legal proceedings against sb 对某人提起诉讼
3 screeching 8bf34b298a2d512e9b6787a29dc6c5f0     
v.发出尖叫声( screech的现在分词 );发出粗而刺耳的声音;高叫
参考例句:
  • Monkeys were screeching in the trees. 猴子在树上吱吱地叫着。
  • the unedifying sight of the two party leaders screeching at each other 两党党魁狺狺对吠的讨厌情景
4 supreme PHqzc     
adj.极度的,最重要的;至高的,最高的
参考例句:
  • It was the supreme moment in his life.那是他一生中最重要的时刻。
  • He handed up the indictment to the supreme court.他把起诉书送交最高法院。
5 fiat EkYx2     
n.命令,法令,批准;vt.批准,颁布
参考例句:
  • The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
  • He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。
6 auto ZOnyW     
n.(=automobile)(口语)汽车
参考例句:
  • Don't park your auto here.别把你的汽车停在这儿。
  • The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。
7 liquidate I3OyM     
v.偿付,清算,扫除;整理,破产
参考例句:
  • A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
  • They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。
8 pending uMFxw     
prep.直到,等待…期间;adj.待定的;迫近的
参考例句:
  • The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
  • He knew my examination was pending.他知道我就要考试了。
9 oversight WvgyJ     
n.勘漏,失察,疏忽
参考例句:
  • I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
  • Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。
10 partially yL7xm     
adv.部分地,从某些方面讲
参考例句:
  • The door was partially concealed by the drapes.门有一部分被门帘遮住了。
  • The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静,宵禁部分解除。
11 brokered 34fcdb092f2087d98b80df4eb18bd6e1     
adj.由权力经纪人安排(或控制)的v.做掮客(或中人等)( broker的过去式和过去分词 );作为权力经纪人进行谈判;以中间人等身份安排…
参考例句:
  • a peace plan brokered by the UN 由联合国出面协商的和平计划
  • Your husband brokered the deal to go in, transfrer the assets and get our man out. 你丈夫后来插了一脚,把生意都抢了过去,我们的人也被挤了出来。 来自电影对白
12 balked 9feaf3d3453e7f0c289e129e4bd6925d     
v.畏缩不前,犹豫( balk的过去式和过去分词 );(指马)不肯跑
参考例句:
  • He balked in his speech. 他忽然中断讲演。 来自《现代英汉综合大词典》
  • They balked the robber's plan. 他们使强盗的计划受到挫败。 来自《现代英汉综合大词典》
13 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
14 lawsuits 1878e62a5ca1482cc4ae9e93dcf74d69     
n.诉讼( lawsuit的名词复数 )
参考例句:
  • Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权,耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
  • I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多,赢的也多,输的也多。 来自辞典例句
15 dealers 95e592fc0f5dffc9b9616efd02201373     
n.商人( dealer的名词复数 );贩毒者;毒品贩子;发牌者
参考例句:
  • There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
  • The police were corrupt and were operating in collusion with the drug dealers. 警察腐败,与那伙毒品贩子内外勾结。
16 testimony zpbwO     
n.证词;见证,证明
参考例句:
  • The testimony given by him is dubious.他所作的证据是可疑的。
  • He was called in to bear testimony to what the police officer said.他被传入为警官所说的话作证。
17 scrutinizes 3720fcbd2a441b08f6660d37ec2e430a     
v.仔细检查,详审( scrutinize的第三人称单数 )
参考例句:
  • They fear the ear that hears their orders, and the eye that scrutinizes their actions. 从前,国王都相信他们是天神的儿子,或至少如此自以为是,而且多少还带着点他们父亲天神的风度。 来自互联网
18 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
19 adviser HznziU     
n.劝告者,顾问
参考例句:
  • They employed me as an adviser.他们聘请我当顾问。
  • Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。
20 taxpayers 8fa061caeafce8edc9456e95d19c84b4     
纳税人,纳税的机构( taxpayer的名词复数 )
参考例句:
  • Finance for education comes from taxpayers. 教育经费来自纳税人。
  • She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。
21 elimination 3qexM     
n.排除,消除,消灭
参考例句:
  • Their elimination from the competition was a great surprise.他们在比赛中遭到淘汰是个很大的意外。
  • I was eliminated from the 400 metres in the semi-finals.我在400米半决赛中被淘汰。
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