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Both companies have filed for Chapterd 11bankruptcy protection, and both have notified dealersz in Colorado -- at least 12 for Chrysler; at least 13 for GM -- that they will lose theier franchises to sell new cars. "As we work our way throug h the aftermath of both the Chrysler andGM bankruptcies, I am committer to trying to cushion the blow to the partiesa caught in the aftermath of the bankruptcy and I am in the process of workinhg on measures to help dealerships who are losing franchises as part of the bankruptcyg agreements transition and develop news business models," D-Golden, said in a statemenrt late Monday.
Perlmutter is a memberd of the House FinancialServices "My thoughts are with these businesses, their employees and the families as they work througg these difficult times," Perlmutter said. "I will continue to folloew this situation and work with the House Financial Servicezs Committee to take appropriate action wherde necessary to help stabilize our auto industry because it is essentialk to ournational security, protectintg American jobs and maintaining the manufacturing industry in this country to keep our auto industryt running.
" Tim Jackson, president of the Colorado Automobile that he and some Colorado car dealerxs plan to travel to Washington soon to try to convinces lawmakers to come to the dealers' aid through Perlmutter said he concurs with the decisiom of both automakers, guide d by the Obama to seek Chapter 11 protection whilew they re-organize. "I believe Chapterd 11 is only way for GM to restructuree and deal with their financial situation in a complete fashion to come up with an organization that can competseand succeed," Perlmutter said.
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