Federal government, Ontario appoint adviser on auto industry
Last Updated: Tuesday, December 2, 2008 | 11:04 AM ET
CBC News
The federal and Ontario governments have appointed a special adviser with extensive restructuring experience who will help assess the Canadian auto industry.
Lawyer Jim Arnett was appointed as the Canadian arms of the Big Three Detroit automakers are preparing a bailout plan to present to the governments, due no later than Friday.
"Taxpayers deserve to know that, if we do indeed move forward, solid due diligence has been done and will result in a transformed auto industry with the jobs and prosperity that Ontarians want and deserve," Michael Bryant, Ontario's minister of Economic Development, said in a news release Monday.
"The experience and perspective Mr. Arnett brings to this role will be significant in assisting the prime minister and the premier to evaluate the condition of the auto industry, and in developing possible future options," said federal Industry Minister Tony Clement.
Arnett advised Ontario's premier on the restructuring of Stelco Inc. from 2004 to 2006, headed brewer Molson Inc. from 1997 to 2000 during a reorganization, and is chair of giant Ontario Crown corporation Hydro One.
The U.S. parents of Chrysler Canada Inc., Ford Motor Company of Canada Ltd. and General Motors of Canada Ltd. are expected to present a restructuring plan to the U.S. government on Tuesday.
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