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Chrysler deal set to close early Wednesday

(Agencies)
Updated: 2009-06-10 09:12

NEW YORK -- Chrysler is aiming to close its sale to a group led by Italian carmaker Fiat SpA early in the morning on Wednesday, according to a person familiar with the plans.

Related readings:  Top court clears way for Chrysler's sale  Fiat vows to stand by Chrysler  Top court delays Chrysler sale to Fiat  Legal battle on Chrysler sell-off goes to top court  Chrysler asset sale faces legal challenge

In order to close the sale, $2 billion in funds provided by the US government must be transferred to Chrysler's creditors and the wire transfer deadline had already passed by the time the Supreme Court lifted the stay halting the deal late on Tuesday, this person said.

The person declined to be named because the plans are not yet public.

Chrysler is aiming to execute the funds transfer and close the deal by 9 a.m. Eastern on Wednesday, this person said.