Congressman Peter's Statement On Court Approval Of New Chrysler/Fiat Alliance

Statement

Congressman Gary Peters, whose Michigan congressional district is home to Chrysler World Headquarters, three GM plants and more auto suppliers than any district in the country, issued the following statement after Judge Arthur Gonzalez ruled that Chrysler could move forward with a proposed alliance with Fiat S.p.A:

"Today marks a new chapter in Chrysler's storied history. This decision paves the way for Chrysler to emerge from bankruptcy a stronger and more globally competitive automaker supporting hundreds of thousands of jobs across our country.

"These proceedings were able to move so swiftly because Chrysler, the president's auto task force, autoworkers, majority debt holders and others worked so hard to set much of Chrysler's restructuring in place before bankruptcy was filed. In particular, sacrifices made by Chrysler's workers, both white- and blue-collar, were instrumental in keeping Chrysler moving in the midst of the global credit crisis.

"As General Motors enters bankruptcy, I am hopeful their proceedings will move relatively quickly as well. As with Chrysler, GM, the auto task force, workers, a majority of creditors and other stakeholders have secured key agreements out of court which allow GM to emerge from bankruptcy more quickly."

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