Parts Suppliers Running for Cover

On May 15, Chrysler started informing approximately 1,200 suppliers about its plans to settle outstanding claims prior to filing for bankruptcy. In court, the company revealed a primary list of affected suppliers along with the estimated amounts owed to each. These contracts are expected to continue under the new company formed through the sale of most of Chrysler’s assets. It’s important to note that this list is not final, and Chrysler will keep working with suppliers who wish to continue doing business with the newly formed entity. The process aims to ensure a smooth transition and maintain supply chain stability during this challenging time. Among the largest recipients are Continental AG from Germany and Johnson Controls based in Milwaukee, both of whom are set to receive around $70 million. Magna International from Canada is also in line for over $63 million. However, these payments will be made in installments over the next few weeks, with the remaining balance expected after the sale to Flat Group SpA from Italy. Chrysler has also stated it will engage in negotiations with any suppliers who disagree with the amounts they’ve been offered. A court hearing on June 4th will provide an opportunity for any objections to be heard by Judge Arthur Gonzales. Meanwhile, Toyota has been actively seeking new suppliers over the past year, preparing for potential disruptions caused by the financial struggles of both GM and Chrysler. The automaker seems well-prepared for future challenges. As we head to our local Toyota dealership, the parts counter might give us a clue—whether the part we need is in stock or on backorder, it could reflect how well Toyota is managing its supply chain amid industry turbulence. Related Posts: - Parts Suppliers Cry For Help - Jim Press: The Rise And Fall - Car Recall - Toyota Overtakes GM To Become World’s Top Automaker - Toyota Reaches 1,000,000 Hybrid Car Sales - New Safety Feature

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