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Chrysler to Retain Several Glass Suppliers in Alliance with Fiat; Guardian Tops List of Glass Supplier Debts

Post Time:May 21,2009Classify:Industry NewsView:483

Chrysler LLC has filed a list of the suppliers it intends to retain once its alliance with Fiat is complete as part of its bankruptcy case. Several glass manufacturers and industry suppliers made the list of approximately 1,200, which also includes the amount of the suppliers' current pre-petition claims (money owed to them up to the point Chrysler filed for bankruptcy on April 30). Guardian Industries tops the list of glass manufacturers, with a cure amount of $4,267,841.50, and PGW follows at $2,832.500.98 (see full list below).

The list was filed with the U.S. Bankruptcy Court for the Southern District of New York as the company announced that it is beginning the process of assuming and assigning its supplier contracts to the new company established in its alliance with Fiat. In addition, Chrysler has instituted a process by which it might pay suppliers "on account of pre-bankruptcy accounts receivable."

"This is very good news for suppliers and Chrysler," says Scott Garberding, senior vice president and chief procurement officer for Chrysler. "I know there was great anxiety in the supplier community when we announced Chrysler's Chapter 11 filing. This should be a great relief. The terms are fair and far better than the treatment trade creditors usually get in a bankruptcy case, and provide a mechanism for quick resolution of all open issues."

Chrysler is in the process of contacting the list of suppliers released this week to detail the process by which suppliers can begin receiving payments on pre-petition claims.

PGW also has filed a reclamation demand for "goods in the aggregate amount of $3,704,090.48" provided to Chrysler in the 45 days prior to the day of the bankruptcy filing-April 30.

Officials for PGW had not responded to requests for comment at press time. Guardian officials were in the process of reviewing Chrysler's recent announcement prior to commenting at press time.

Industry Suppliers Included on Chrysler List

Company Cure Amount
Guardian Industries Corp. $4,267,841.50
Pittsburgh Glass Works $2,832,500.98
Auto Temp Inc. $1,699,502.18
Automotive Components Holdings $1,395,195.99
Asahi Glass Co. Ltd. $1,247,514.71
Gentex Corp. $1,135,186.85
Sika Corp. $896,378.86
Dow Chemical Co. $749,202.10
Pilkington plc $734,330.36
Dura Automotive Systems Inc. $641,931.38
REHAU AG & Co. $151,281.79
Moon Roof Corp. of America $110,764.06
EFTEC $84,776.70
Guangzhou Fuyao Glass Co. Ltd. $37,497.08
ADCO Global Inc. $0
Vitro Automotriz S.A. DE C.V. $0

Source: glassBYTEsAuthor: shangyi

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