GM suppliers face new cash threat as bankruptcy looms

Bloomberg
June 1, 2009
AUTO : FINANCE, BUSINESS

General Motors Corp.’s parts suppliers, battered by losses from slumping vehicle production, face new threats to their survival as the largest U.S. automaker prepares to idle factories in bankruptcy.

Viable partsmakers are pivotal for GM’s exit from a bankruptcy set to start June 1. GM shares more than 50 percent of about 1,500 North American suppliers with Chrysler LLC and Ford Motor Co., consultant CSM Worldwide estimates. Visteon Corp., a former Ford unit, filed for bankruptcy yesterday, according to a May 29 Bloomberg report.

 

Read full article