Rep. Fudge Comments on General Motors Bankruptcy

“General Motor’s announcement of bankruptcy is both disheartening and encouraging. It is disheartening as the announcement marks the end of an era for America’s automotive industry, but encouraging because with a well-managed process GM could swiftly emerge from bankruptcy to thrive once again.

“GM’s President and CEO, Fritz Henderson, pledged the company would be transparent in its corporate modifications. To best protect GM employees and their families, I hope GM publishes its plant and dealer closings and modifications in a timely and thorough manner. GM should provide its employees with a clear, real-time understanding of the company’s decisions during the restructuring period.

“I acknowledge the difficult concessions union leaders and members made during discussions leading up to the bankruptcy filing. As President Obama said, this is an ‘unfortunate sacrifice’ that predicates many others. However, it is my sincerest hope and belief that GM will emerge from bankruptcy with greater economic viability and corporate sustainability.”