Stabenow on Chrysler’s creditors

U.S. Senator Debbie Stabenow (D-MI) today made the following statement regarding the President’s announcement concerning Chrysler:

“Like families and workers across Michigan, I am disheartened by today’s news. It’s outrageous that after workers, management, and a majority of bondholders came to the table and negotiated in good faith, a small number of hedge funds and creditors refused to compromise and now Chrysler is forced to declare Chapter 11 bankruptcy.

“I am confident that Chrysler will emerge from bankruptcy, with its strategic partner Fiat, as a revitalized, viable company. Also, I am gratified that the deal announced today will protect the health care and pension benefits of our auto workers and retirees. Yet, we understand that there will be more pain to come for people in Michigan. The White House has committed to helping workers who lose their jobs and the communities that are affected. I am focused on working with the President to bring tangible assistance that those families and communities need to survive this turmoil. And I will fight to keep as many jobs in Michigan as possible and preserve our communities.

“For those on Capitol Hill and Wall Street who don’t seem to understand what this crisis is all about, I’m here to tell them that it’s about people. It’s about families. It’s about communities and jobs. This is about saving our manufacturing base. I understand that we’re fighting to preserve our way of life in Michigan, advance the middle-class in America, and rebuild the backbone of our economy.

“The global economic crisis has demonstrated that we must build things in America. I will work every day to make that happen and create jobs here at home.” - U.S. Senator Debbie Stabenow