Obama blasts Chrysler debtholders: ‘I do not stand with them’
President Obama excoriated Chrysler investors who held out on concessions that would have helped the company avoid bankruptcy in brief remarks Thursday.
“While many stakeholders made sacrifices and worked constructively, I have to tell you that some did not,” Obama sternly noted.
Obama said that a group of financial firms and hedge funds had made unacceptable demands in exchange for making concessions, such as twice the rate of return on their investments compared to other debtholders.
“I don’t stand with them. I stand with Chrysler’s employees, families, and communities,” Obama said. “I don’t stand with those who held out while everyone else was making sacrifices.”
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
