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Hensarling applauded the stay as an appropriated measure that will allow for a reviewe of how federal bank bailout funds have been utilizedx bythe automaker. “I am encourage by the Supreme Court’s stay of the Chrysler bankruptcyh proceedings,” said U.S. Rep. Hensarling. “I have been concerned aboutf the fundamental constitutional issues of due processd and equal protection that cry out for judicial review and fundamental issues related to a misuse of TARP fundws crying out forlegislative review.” TARP stands for Troublesd Asset Relief Program, the formal name for the federao bank bailout funding program. filex for bankruptcy protectionin April.
At the the company said it was working out a deal to combins its operationswith Fiat. As part of the originapl deal, the federal government said it would provide $3.5 billion for bankruptcy financing and anothef $4.7 billion in exit financing. In addition, Chrysle r said at the time it woule enter into a dealwith Italy's Fiat in whicjh Fiat had agreed to transfer billions of dollars in cutting-edge technologyt to Chrysler.
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