FOR IMMEDIATE RELEASE                                                               
Thursday, April 30, 2009                                                                              

CONTACT: Cullen Schwarz
(202) 225-5802

Washington, D.C. – Congressman Gary Peters, whose Michigan Congressional district is home to Chrysler World Headquarters, released the following statement following President Obama’s announcement on the future of Chrysler:


“A solution outside of bankruptcy would have been preferred, but unfortunately a small group of investment firms stood in the way of that outcome.  However, I am hopeful that the sacrifices made by Chrysler’s responsible stakeholders and the financial support President Obama has committed will allow Chrysler to emerge quickly as a viable and globally competitive automaker. 

“The President says he is optimistic that bankruptcy will be expedited and orderly.  I expect the Administration to do everything possible to ensure that is the case.  I spoke with President Obama today and he said that jobs, retiree benefits and supplier receivables would be protected in a bankruptcy process and that is heartening news.”

“The restructuring Chrysler has undergone in just the last 30 days is truly unprecedented and will make it possible for Chrysler to live on as a great American car company supporting hundreds of thousands of jobs across the country.”