Chyrsrler's Road To Recovery (Sen. Carl Levin)

I am very encouraged by the President’s comments today about the future of Chrysler and believe this is the beginning of a rebirth of Chrysler.

Over the last 30 days, Chrysler has worked diligently with the Administration and was able to reach agreement with its workers and its major banks on a new alliance with Fiat that will propel the company forward and ensure its ability to produce the green vehicles of the future.  Many concessions were reached by these major stakeholders in that process.  Unfortunately, a minority of its secured lenders – mainly hedge funds and other creditors – have held out for more and prevented this agreement from taking effect immediately, making a short-term bankruptcy proceeding necessary.

While I would have preferred to avoid bankruptcy proceedings, the good news is that all the elements have come together save that one piece, so bankruptcy now appears to be but a short delay on the road to a brighter future for the company.

We have received assurances from the president that the workers, retirees, suppliers, and consumers will be protected.  I commend President Obama and the auto task force for their great efforts.

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