May 6, 2009

Approval of notice procedures expected soon

The hearing on the company's motion to approve the notice procedures began in the late afternoon of May 5 and continued until almost midnight. The judge indicated that he would grant the motion, with certain minor modifications. We therefore expect the order to be entered very soon, possibly as soon as today. It will establish notice procedures and a hearing date for final approval of the sale. We expect that the order will provide:

• Notice to retirees and other creditors describing the proposed transactions will be mailed later this week or early next week.
• A deadline for retiree objections will be established.
• A hearing date for final approval the sale and other agreements.

All these procedures will be spelled out in more detail in a mailing to UAW Chrysler retirees. That mailing will also include material from the UAW summarizing the proposed agreement in more detail, and indicating the UAW's support for the proposed agreements.

The UAW continues to support court approval of the sale and related agreements. The judge's approval of this first step in the process is certainly a good sign.