OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Chrysler-Fiat Alliance Making Progress, Michigan Members Call On Holdout Secured Creditors To Participate

Statement

Date: April 30, 2009
Location: Washington, DC
Issues: Transportation Finance and Banking

The following Members of the Michigan Congressional Delegation (Senators Levin, Stabenow, Reps. Dingell, Levin, Upton, Stupak, Peters, Kildee, Schauer, Conyers, and Miller) joined together in making the following statement.

"We are encouraged by reports that Chrysler's major secured creditors have reached an agreement to settle their debt with Chrysler through an agreement with the U.S. Treasury. On the heels of the announcement by the UAW that they had reached an agreement with Chrysler and Fiat, this is another important step and a sign of how with the full participation of all stakeholders an out of court settlement can be reached.

"It is now essential that the remaining holdouts among secured creditors demonstrate a commitment to Main Street and the U.S. industrial base. If they fail to do so, bankruptcy would be worse for them economically, and a risk to this vital new alliance of car companies."


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