Ontario Helping To Put Chrysler On Sustainable Footing

    Government Providing Loan Of $1.258 Billion To Help Automaker Restructure

    TORONTO, April 30 /CNW/ -


    Ontario is partnering with the Canadian and American governments to
restructure Chrysler and help it become stronger and more sustainable.
    Ontario's participation will help Ontario families - particularly those
in Windsor, Brampton and in communities throughout Ontario where auto parts
are made - by strengthening the company's competitiveness during this time of
global economic crisis.
    Ontario is contributing loans to Chrysler worth $1.258 billion, which
combined with $2.517 billion from the federal government, brings Canada's
total commitment to Chrysler's restructuring to $3.775 billion.
    This support is proportional to the US $12.08 billion funding package for
Chrysler announced earlier today by President Obama.


    "The auto sector sustains thousands of current jobs for Ontario families
and supports the pensions of many of our retirees. That's why we're partnering
with the federal and US governments to put the industry on a more sustainable
footing for the long term."
    - Dalton McGuinty, Premier of Ontario

    "We are doing what is necessary to preserve auto jobs in Ontario which
are the source of so much prosperity. People will drive cars for the
foreseeable future and we are taking action to ensure they are made in Ontario
so that everyone can share in the prosperity created by the auto sector."
    - Michael Bryant, Minister of Economic Development


    -   The governments of Canada and Ontario will receive a combined
        two per cent share in a restructured Chrysler LLC, and Canada will
        appoint one of nine board members of the restructured company.

    -   The auto sector in Ontario supports 400,000 jobs.

    -   Ontario builds more cars than any other state or province in
        North America.

    -   Five automakers have assembly plants in Ontario: Chrysler, Ford,
        General Motors, Honda and Toyota.


    Read more about the restructuring deal

                                                      Disponible en français

For further information:

For further information: Premier's Media Office: (416) 314-8975

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