DETROIT – More delays in the Chrysler bankruptcy. Supreme Court Justice Ruth Ginsburg issued a stay that prevents Fiat from taking control of Chrysler. She was responding to a filing by the pension funds of the state of Indiana. Now we�??ll have to see if the other justices on the Supreme Court want to hear this case. And in the interim, the Associated Press reports that a group representing over 300 Chrysler dealers which are slated to lose their franchises have asked the bankruptcy court to save their dealerships. Chrysler was worried that these delays could torpedo the deal with Fiat, but Reuters reports that Fiat now says it is not going to walk away from the deal.
U.S. auto suppliers plan to go to Washington this week to ask for more money. According to Bloomberg, they are looking for $8 billion to $10 billion more in aid. The OESA and MEMA are requesting that the U.S. Treasury back at least a part of their loans from banks to increase lending. GM and Chrysler suppliers need funds to start building parts once the automakers resume manufacturing later this summer.
GM just opened the largest and most technologically advanced battery lab in the U.S. The 33,000 square-foot Global Battery Systems Lab is part of its Warren, Michigan Tech Center and will be used by engineers to develop powertrains for hybrids and electric vehicles. Reinforcing the green image the company�??s striving for, the facility features LED lighting and flooring made from recycled tires. About 90 percent of the electricity used for testing batteries is later fed back into the grid.
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