Jun
20
2009
GM faces $250M past due notice
Posted by doris in Auto, Bankruptcy, Business, Corporate, Economy, Failing, GMC, Money, Pay BackNEW YORK (CNNMoney.com) — General Motors owes hundreds of millions of dollars to major suppliers who have never made an auto part, rubber tire or sheet of steel — and they’re not likely to get paid anytime soon.GM is on the hook for more than $100 million for advertising it purchased before filing for bankruptcy earlier this month. The list of utilities who are GM creditors takes up 80 pages in its bankruptcy filing.
Among the company’s top 50 creditors, 10 are outside the auto or transportation industries. GM owes these firms just under $250 million. But they have to take a back seat in the bankruptcy process.
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