July 8, 2009
Jefferson City, Mo. -- Attorney General Chris Koster said today the newly approved bankruptcy agreement for General Motors is much improved over the original plan and secures important protections for Missouri consumers and auto dealers. Missouri and other states had objected to some of the original GM bankruptcy proposal that would have had ignored the rights of consumers and automobile dealers and franchises.
"I am pleased that the bankruptcy court heard the concerns of the states’ Attorneys General and has made significant changes that will preserve critical consumer rights as well as protections for auto dealers," Koster said. "The new agreement recognizes the importance of Missouri laws in protecting our consumers. As Missouri’s Attorney General, it is my job to fight to protect those laws and to challenge any threats that weaken them."
Koster said the new bankruptcy agreement now contains important consumer protections including:
Koster said another important concession imposed by the court is to ensure that all dealers who are staying with GM will be protected by state dealer and franchise laws.
"Missouri’s automobile dealers are important members and business leaders in their communities, and deserve to be protected by our state’s laws and courts," Koster said. "The new GM agreement includes important assurances to treat dealers fairly under state laws."