Levin Statement On Chrysler

Rep. Sander Levin issued the following statement today.

"After what this country has been through with the financial meltdown, it is outrageous that a handful of hedge funds and other creditors have refused to join all the other stakeholders in participating in the restructuring necessary to pave the way for a Chrysler-Fiat Alliance.

"The workers stepped up to the plate and we have received assurances from the President that their agreement will be honored in any court proceeding.

"The Chrysler-Fiat Alliance holds much promise for the United States as it preserves jobs and brings more fuel efficient cars to the market quicker and it must not be jeopardized by any uncertainties in the bankruptcy proceeding.

"The domestic automotive sector industry is essential to the industrial base of our country and its survival and rebound will be vital to our economic recovery.

"We have discussed with the Obama Administration the vital necessity of the auto supply chain and the need to ensure they can weather the uncertainties of the next period.

"It is also critical that consumers have been assured by the President that their Chrysler warranties are backed by the full faith and credit of the United States Government, and they can buy Chrysler vehicles with confidence."

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