Congressman Peters' Statement on Decision to Allow GM to Emerge from Bankruptcy

Statement

Congressman Peters' Statement on Decision to Allow GM to Emerge from Bankruptcy

Congressman Gary Peters, whose Michigan congressional district is home to three General Motors plants, Chrysler World Headquarters and more auto suppliers than any district in the country, issued the following statement today after Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York ruled that GM should be allowed to sell its valuable assets in order for a revamped General Motors to emerge from bankruptcy:

"The bankruptcy court's ruling is the right decision and is in the best interest of all GM stakeholders, including the company's bondholders and the millions of workers whose livelihoods depend on the company. Judge Gerber correctly recognized that in liquidation bondholders would likely be left with nothing and that they will be better off with a new, revamped GM out of bankruptcy and back to business.

"This decision is also in the best interest of our country. Maintaining a vibrant and revitalized auto industry will help ensure the United States will continue to be a country that builds things. The effort to maintain an auto industry in America is about more than cars, it is about preserving our nation's middle class and our country's way of life.

"GM's restructuring has been painful to be sure. But the work of GM leadership, the president's auto task force, GM employees and many bondholders to reach agreements out of court has made it possible for GM's bankruptcy proceedings to move swiftly. After emerging from bankruptcy, General Motors will be more globally competitive and continue to support millions of jobs in every state across the country."

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