General Motors owes millions to plastics part suppliers
By Rhoda Miel
PLASTICS NEWS STAFF
DETROIT, MICHIGAN (June 24, 2009) -- While bond holders and unions are on the hook as General Motors Corp.’s (GM) biggest creditors in bankruptcy, they are not alone. There are also suppliers owed
millions of dollars, including major plastics firms.
GM’s June 1 filing for Chapter 11 protection with the U.S. Bankruptcy Court in New York lists more than US$170 billion (956.9 billion yuan) in debts. Bond holders, banks and union top the list of
the Detroit-based automaker’s 50 largest unsecured creditors, but Delphi Corp. also is owed US$110.8 million (757.3 million yuan) in trade debt, making it the supplier owed the most cash.
Delphi, based in Troy, Michigan, is itself already in bankruptcy. The one-time parts company within GM, which was spun off in the1990s, filed for bankruptcy protection in 2005 and is still seeking
ways to emerge.
Delphi makes a variety of parts for GM, including injection molded air handling systems.
Inteva Products LLC, the former interiors unit of Delphi purchased out of bankruptcy by Renco Group Inc. in 2008, is also on the top 50 creditors list, owed US$37.3 million (255 million
yuan).
Other plastics-oriented firms on the list include interiors molder International Automotive Components LLC of Dearborn, Michigan, owed US$12 million (82 million yuan); seat maker Lear Corp. of
Southfield, Michigan, with US$44.8 million (306.3 million yuan) in trade debt; interiors firm Johnson Controls Inc. of Plymouth, Michigan, owed US$32.8 million (224.2 million yuan); and Visteon
Corp., based in the Detroit suburb of Van Buren Township, which filed for Chapter 11 protection with the U.S. Bankruptcy Court in Wilmington Delaware on May 27, and is owed US$9.8 million (67 million
yuan).
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