FOR IMMEDIATE RELEASE    
Tuesday, June 9, 2009                                                   

CONTACT: Cullen Schwarz
Office: (202) 225-5802

CONGRESSMAN PETERS STATEMENT ON SUPREME COURT’S CHRYSLER DECISION

Washington, DC – 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 today after the U.S. Supreme Court declined to hear objections to Chrysler’s proposed alliance with Fiat S.p.A:

“Today’s decision is good news for the country.  Chrysler’s swift emergence from bankruptcy has put the company in position to become more globally competitive and continue to support hundreds of thousands of American jobs. 

“These proceedings were able to move so swiftly because Chrysler, the president’s auto task force, autoworkers, majority debt holders and others worked to help Chrysler undergo extraordinary restructuring prior to the bankruptcy filing.  Major stakeholders realized that shared sacrifice was in their best interest, as a Chrysler liquidation would have caused massive job losses and ultimately cost secured lenders far more.

“The legally sound decisions of the U.S. district court and court of appeals provide an encouraging sign that General Motors can also emerge from bankruptcy quickly and continue supporting hundreds of thousands of jobs across the country.”

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