Statement On General Motors Bankruptcy

Congressman Steve Cohen (TN-9) issued the following statement regarding General Motors' decision to file for bankruptcy protection. Congressman Cohen is the chairman of the House Judiciary Committee Subcommittee on Commercial and Administration Law - the panel that deals with the nation's bankruptcy laws.
"In the wake of General Motors decision to file for bankruptcy, thousands of auto workers and retirees, part suppliers and auto dealers in our state face an uncertain future.

"This morning, along with other Members of Congress and Governors, I participated in a conference call with the CEO of GM. I asked the first question of the CEO, regarding the status of the Spring Hill, Tennessee facility and also asked about the future of the GM Parts Distribution Center (PDC) in Memphis. While I was disappointed to learn that the Spring Hill facility has been placed on standby status, I was pleased to learn that the GM PDC in Memphis will remain open, even though many other PDC's around the country are closing.

"As the Chairman of the House Subcommittee that deals with our nation's bankruptcy laws, I am deeply concerned about the health care and pensions of GM's workers and retirees. Tennesseans have earned these benefits through their hard work and are entitled to them. The plan that GM outlined this morning would allow these commitments to be met, and I will be watching closely to see that they are.

"In the weeks to come, I believe that government leaders must work together to help Tennessee's small businesses, employees and their families weather this new economic challenge. It is critical that we work to preserve the jobs we already have and be prepared to take bold steps to attract new business to our state."

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