The Obama administration ordered the fallen auto giant to reorganize or face Chapter 11. Now majority ownership falls to the federal government.More >>
WASHINGTON (WKOW) -- U.S. Senator Russ Feingold (D-Wisconsin) released a statement Monday afternoon in response to General Motors decision to file for bankruptcy protection:
"Today is a difficult day for GM and the millions of Americans, including those in my hometown of Janesville, Wisconsin, whose work has kept America moving for over a century. It is very unfortunate that we have reached this point but I hope a stronger, more viable GM will emerge. I am also pleased that the Janesville GM plant is still under consideration to produce a new line of GM vehicle. With its strong and dedicated workforce, which goes back generations, Janesville offers GM the ideal opportunity to help build a stronger GM moving forward. I will continue to work with members of the Wisconsin delegation to do all we can for those people throughout our state affected by this difficult transition."
WASHINGTON (WKOW) -- Monday morning, President Barack Obama released a statement on the federal decision to approve the sale of most of Chrysler's assets to Fiat.
"The decision by Judge Gonzalez of the United States Bankruptcy Court for the Southern District of New York to approve the Chrysler sale transaction paves the way for the new Chrysler to successfully emerge from bankruptcy as a new, stronger, more competitive company for the future. Only a month ago, this great American company's very future was in doubt. Now, as a result of a substantial commitment by the U.S. government, and tough sacrifices from all stakeholders involved, Chrysler has a new lease on life. We said this process would be completed quickly and efficiently, and that's exactly what has been accomplished today. Tens of thousands of American jobs will be saved as a result of this extraordinary effort."
Late Sunday, a federal bankruptcy judge approved the sale, moving the automaker one step closer to its goal of a quick exit from court protection.
In his ruling, Judge Arthur Gonzalez said a speedy sale is necessary to keep Chrysler's value up and will provide a better return for stakeholders.
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