Parts Suppliers Running for Cover
On May 15, Chrysler initiated communication with 1,200 suppliers regarding its plans to settle claims prior to its bankruptcy filing. In court proceedings, Chrysler presented an initial list of suppliers affected by the bankruptcy process, along with the respective amounts owed to each. These suppliers are anticipated to continue their contracts with the newly formed entity resulting from the sale of the majority of Chrysler's assets. It's important to note that this list isn't exhaustive, as Chrysler remains committed to working with all suppliers interested in maintaining business ties with the new company. Among the suppliers set to receive the largest payouts are Continental AG (based in Germany) and Johnson Controls (headquartered in Milwaukee). Both are expected to receive approximately $70 million. Magna International (from Canada) is projected to receive slightly more than $63 million. These suppliers will receive roughly half of the total amount owed to them in installments over the coming weeks. The remaining balance is anticipated to be settled following the sale involving Fiat Group SPA (an Italian automotive conglomerate). Chrysler has expressed its intention to negotiate disputed claim amounts with any suppliers who contest the figures. Any objections will be reviewed during the court hearing scheduled for June 4th, presided over by Judge Arthur Gonzalez. In recent months, Toyota has been actively exploring alternative suppliers due to concerns over potential disruptions caused by the financial instability of General Motors and Chrysler. Having taken precautionary measures, Toyota is believed to be well-prepared for future challenges. As consumers, we may notice these changes when visiting our local Toyota parts departments; the counter staff will inform us whether the desired part is available or subject to backorders. Looking at related topics, we find several interesting stories such as the struggles and triumphs of Jim Press, the rise and fall of automotive giants, recalls affecting car safety, and Toyota's milestone achievement in hybrid vehicle sales. Additionally, there's coverage of new safety features being introduced across various automakers. For those interested in further reading, check out articles discussing how parts suppliers are coping with industry shifts, the fascinating career trajectory of Jim Press, details about recent car recalls, Toyota's historic leap to becoming the world's top automaker, milestones in hybrid technology, and innovations in vehicle safety technologies. This comprehensive update provides insight into both current events within the automotive sector and highlights key developments shaping the industry landscape today. Jet Mill Shaper,Research Material Shaping,Laboratory Model Shaper,Laboratory Model Spheronizer Mianyang Liuneng Powder Equipment Co., Ltd , https://www.lnpepowder.com