Chrysler LLC announced their intention to form a global alliance. Under the terms of the agreement, Fiat would take a 20% stake in Chrysler and gain access to its North American distribution network in exchange for providing Chrysler with technology and platforms to build smaller, more fuel-efficient vehicles in the US and providing reciprocal access to Fiat's global distribution network. Agreements were signed on 30 April 2009, with Fiat's future shareholding capped at 49% until all government loans had been repaid. In addition, the proposed agreement would entitle Fiat to receive a further 15% (without cash consideration) through the achievement of specific product and commercial objectives. No cash or financial support was required from Fiat under the agreement. Instead it would obtain its stake mainly in exchange for covering the cost of retooling a Chrysler plant to produce one or more Fiat models for in the US. Fiat would also provide engine and transmission technology to enable Chrysler to introduce smaller, fuel-efficient models in the NAFTA market. The deal was engineered by Fiat chief Sergio Marchionne. The principal objective of the partnership was to provide both groups with significantly enhanced economies of scale and geographical reach at a time when they were struggling to compete with larger and more global rivals such as Toyota, Volkswagen and alliance partners Renault S.A. and Nissan. Fiat would not have to pay any money for its 20% of Chrysler. On 7 June 2009, the Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund, and the state's Major Moves Construction Fund asked the US Supreme Court to delay the sale of Chrysler to Fiat while they challenge the deal. The funds argued that the sale went against US bankruptcy law because it unlawfully rewarded unsecured creditors ahead of secured creditors. On 9 June 2009, the Supreme Court lifted the temporary hold, clearing the way for Fiat to acquire Chrysler. See Indiana State Police Pension Trust v. Chrysler for more information. On 10 June, the Supreme Court announced that Fiat was now an owner of the new Chrysler a.k.a. Chrysler Group LLC. Marchionne was appointed CEO of Chrysler following its emergence from bankruptcy proceedings. Under his leadership, Chrysler has taken on a structure similar to that of Fiat and has released, in quick succession, a large number of completely redesigned or refreshed vehicles. Fiat launched its 500, which had been available in Europe since 2007,