GM’s June 1 filing for Chapter 11 protection with the US Bankruptcy Court in New York lists more than $170 bln in debts. Bond holders and unions, General Motors’ biggest creditors in bankruptcy are joined by other suppliers who are owed millions of dollars, including major plastics firms. As per Plastics News, bond holders, banks and union top the list of 50 largest unsecured creditors, while Delphi is owed US$110.8 mln in trade debt, making it the supplier owed the most cash. Delphi, the one-time parts company within GM, spun off in the1990s, filed for bankruptcy protection in 2005 and is still seeking ways to emerge.
Inteva Products, the former interiors unit of Delphi purchased out of bankruptcy by Renco Group in 2008, is also on the top 50 creditors list, owed $37.3 mln. Other plastics-oriented firms in the list include interiors moulder International Automotive Components of Dearborn, Mich., owed US$12 mln, seat maker Lear of Southfield, Mich., with US$44.8 mln in trade debt, interiors firm Johnson Controls of Plymouth, Mich., owed US$32.8 mln and Visteon is owed US$9.8 mln.
03-Jun-09 
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