Auburn Hills, MI – Auburn Hills, MI (AP/MPRN)
Fears that a Chrysler LLC bankruptcy could devastate southeast Michigan and harm Chrysler workers and retirees nationwide were abating somewhat as details of the deal were released Thursday.
"It's the best deal we can come up with," said Mark Conner,
who works on the production line that makes Jeep Wranglers at
Chrysler's plant in Toledo, Ohio.
"Anything else that could have happened would be worse."
President Barack Obama announced Thursday that Chrysler would head into bankruptcy with the aid of up to another $8 billion in taxpayer money, a last-resort attempt to quickly restructure the struggling automaker.
Meanwhile, the state House Thursday called on the state Treasury to divest itself of any investments in hedge funds and lenders that refused a deal to help Chrysler avoid bankruptcy
The resolution is not binding on the state Treasurer.
And it's largely symbolic because the state does not have holdings with any of those companies.
But House Speaker Andy Dillon says it represents a sweeping sentiment that the state should not be financially supporting companies that failed to help the car company.
The investment fund managers have told news services that they are acting in the interests of their depositors, including many retirees.