to Retain Several Glass Suppliers in Alliance with Fiat; Guardian
Tops List of Glass Supplier Debts
May 20, 2009
Chrysler LLC has filed a list of the suppliers it intends to retain
once its alliance with Fiat is complete as part of its bankruptcy
case. Several glass manufacturers and industry suppliers made the
list of approximately 1,200, which also includes the amount of the
suppliers' current pre-petition claims (money owed to them up to
the point Chrysler filed for bankruptcy on April 30). Guardian Industries
tops the list of glass manufacturers, with a cure amount of $4,267,841.50,
and PGW follows at $2,832.500.98 (see full list below).
The list was filed with the U.S. Bankruptcy Court for the Southern
District of New York as the company announced that it is beginning
the process of assuming and assigning its supplier contracts to
the new company established in its alliance with Fiat. In addition,
Chrysler has instituted a process by which it might pay suppliers
"on account of pre-bankruptcy accounts receivable."
"This is very good news for suppliers and Chrysler,"
says Scott Garberding, senior vice president and chief procurement
officer for Chrysler. "I know there was great anxiety in the
supplier community when we announced Chrysler's Chapter 11 filing.
This should be a great relief. The terms are fair and far better
than the treatment trade creditors usually get in a bankruptcy case,
and provide a mechanism for quick resolution of all open issues."
Chrysler is in the process of contacting the list of suppliers
released this week to detail the process by which suppliers can
begin receiving payments on pre-petition claims.
PGW also has filed a reclamation demand for "goods in the
aggregate amount of $3,704,090.48" provided to Chrysler in
the 45 days prior to the day of the bankruptcy filing-April 30.
HERE for text of the notice of the demand.)
Officials for PGW had not responded to requests for comment at
press time. Guardian officials were in the process of reviewing
Chrysler's recent announcement prior to commenting at press time.
Industry Suppliers Included on Chrysler List
|Guardian Industries Corp.
|Pittsburgh Glass Works
|Auto Temp Inc.
|Automotive Components Holdings
|Asahi Glass Co. Ltd.
|Dow Chemical Co.
|Dura Automotive Systems Inc.
|REHAU AG & Co.
|Moon Roof Corp. of America
|Guangzhou Fuyao Glass Co. Ltd.
|ADCO Global Inc.
|Vitro Automotriz S.A. DE C.V.
HERE for full list of suppliers.
HERE for notification being sent to suppliers.
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