June 1, 2009

Today, Rep. Ed Perlmutter, (CO-07), a member of the House Financial Services Committee, issued the following statement concerning GM’s bankruptcy filing.

“I believe Ch 11 is only way for GM to restructure and deal with their financial situation in a complete fashion to come up with an organization that can compete and succeed.

“As we work our way through the aftermath of both the Chrysler and GM bankruptcies, I am committed to trying to cushion the blow to the parties caught in the aftermath of the bankruptcy filings, and I am in the process of working on measures to help dealerships who are losing franchises as part of the bankruptcy agreements transition and develop news business models.

My thoughts are with these businesses, their employees and the families as they work through these difficult times. I will continue to follow this situation and work with the House Financial Services Committee to take appropriate action where necessary to help stabilize our auto industry because it is essential to our national security, protecting American jobs and maintaining the manufacturing industry in this country to keep our auto industry running.”

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