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Supplier 'domino effect' feared if Delphi files.(Delphi Corp.)
Crain's Detroit Business, September, 2005 by Sherefkin, Robert
Byline: Robert Sherefkin, David Barkholz Crain News Service Suppliers to Delphi Corp. are bracing for a financial storm if the nation's largest automotive supplier files for Chapter 11 bankruptcy protection. Delphi could owe its own suppliers as much as $1.9 billion for parts delivered before the company seeks protection in bankruptcy court, according to an Automotive News estimate.
Money owed suppliers could be frozen by the court, possibly for months or years. That could restrict suppliers' ability to pay for raw materials, wages and other expenses to maintain business. Delayed payments also could put a Delphi supplier in violation of bank loans that depend on receivables as collateral. Delphi has approximately 2,000 U.S. suppliers. Many of those...
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