1
Suppliers brace for GM shutdown on Sun Apr 26, 2009 11:44 am
Admin
Admin
The nation's struggling auto-parts industry is bracing itself for a new wave of financial distress as General Motors Corp. prepares for an extended summer shutdown at 13 assembly plants, as well as associated stamping and powertrain factories.
The move slams suppliers that already have been forced to drain their cash reserves after an extended winter shutdown that lasted through much of January.
"This is devastating," said Patrick O'Keefe of Bloomfield Hills-based turnaround firm O'Keefe & Associates.
Many GM suppliers will receive aid from the government, which plans to guarantee or buy their receivables.Read More
The move slams suppliers that already have been forced to drain their cash reserves after an extended winter shutdown that lasted through much of January.
"This is devastating," said Patrick O'Keefe of Bloomfield Hills-based turnaround firm O'Keefe & Associates.
Many GM suppliers will receive aid from the government, which plans to guarantee or buy their receivables.Read More
