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Big supplier bankruptcies part of sector's cash-flow crisis.(News)
Crain's Detroit Business, May, 2005 by Sherefkin, Robert
Byline: Robert Sherefkin Crain News Service It all boils down to cash. As Ford Motor Co. and General Motors Corp. cut production, a number of suppliers are sinking into a cash-flow crisis. The latest victim is Collins & Aikman Corp., the Troy-based maker of interior components. The company filed for Chapter 11 bankruptcy protection last week following the resignation the week before of CEO David Stockman.
Meanwhile, Visteon Corp. said it would have trouble paying its bills later this year if it failed to gain additional financial relief from Ford, its biggest customer. And, according to published reports, Delphi Corp. is seeking a turnaround expert to succeed J.T. Battenberg III, who retires this year. For automotive suppliers, cash is king. Suppliers...
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