Business Services Industry
Local lenders not expected to be hurt.(local banks, Delphi Corp.'s bankruptcy filing)
Crain's Detroit Business, October, 2005 by Henderson, Tom
Byline: Tom Henderson Analysts don't expect local banks to have much direct exposure to losses caused by Delphi Corp.'s bankruptcy filing. They say that while it is too early to tell what kind of exposure banks have through loans and lines of credit to their business customers who are Delphi's suppliers, they don't expect much immediate impact on revenue or stock prices.
"Even if there's a sharp reduction in the Delphi workforce, there won't be a hard crash. It will ripple through the economy,'' said Jeff Davis, an analyst with FTN Midwest Securities Corp., an institutional equity-research firm in Cleveland. "I can't prove it, but I wouldn't be surprised if banks there have been at the forefront of reducing their exposure to the auto sector.'' Sharon...
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