NEW YORK -- Chrysler could be hours away from a ruling on its plan to sell most of the company to a group led by Italy's Fiat Group SpA, a big step toward its goal of a speedy exit from bankruptcy protection, according to The Associated Press.

Closing statements on the sale began in U.S. Bankruptcy Court Friday afternoon, marking the third day of hearings on the proposed deal.

Judge Arthur Gonzalez is expected to approve the sale Friday, but it's likely that attorneys for three Indiana state pension and construction funds will appeal the decision and possibly force Chrysler to postpone the deal's closing.

Chrysler claims that any delay could push Fiat to back out if the deal, since it's set a deadline of June 15 to wrap up a transaction.