Senator Carl Levin on General Motors Bankruptcy

June 1, 2009 -- WASHINGTON – Senator Carl Levin, D-Mich., said the following today regarding General Motors’ announcement of its bankruptcy filing:

“There is a huge amount of pain associated with today’s announcements by General Motors. There will be plant closings that will cause great hardship to the hard-working Americans who will lose their jobs and to communities in Michigan and across this country.

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“Just as we have all done everything we possibly could to help GM survive, we now need to put our shoulders to the wheel for two goals: supporting in every way we can the people whose jobs are lost, in part with a greater emphasis on new energy technologies that can be developed in Michigan, and doing our utmost to help the new GM become a strong and vibrant company.

“The ultimate outcome of today’s announcement -- GM’s survival and rebirth -- is by far a better outcome than the alternative of GM’s liquidation. GM’s future today looks better overall than it looked a month ago because of agreements that have been reached with the UAW and with a majority of GM’s bondholders. This will make it possible for GM to come out of a bankruptcy process faster and more successfully than might otherwise be the case. GM has also made an important new commitment to build more small cars in America, which will increase the share of GM vehicles sold in the US that are built here.

“I join President Obama in looking forward to a new GM that ‘is once more a symbol of America’s success.’”

Source: Senator Carl Levin