Chrysler sale stayed until Monday afternoon

The U.S. Court of Appeals for the Second Circuit upheld Judge Arthur Gonzalez’s ruling but stayed the sale until Monday, pending an appeal by the Indiana pension funds to the U.S. Supreme Court.

The group’s attorney, Glenn Kurtz of Case & WHite LLC, said papers needed for the appeal are already in preparation.

If it accepts the case, the Supreme Court could stay the sale beyond Monday, but such action would likely mean the liquidation of both Chrysler and GM, which is pursuing the same strategy in its bankruptcy case.