The fall out from the collapse of General Motors is being felt by the worlds leading tyres manufacturers.
Just days after US car giant filed for Chapter 11 protection details have started to emerge about the money it owed to some of its key suppliers – including the some of the worlds leading tyres manufacturers.
Continental, Goodyear and Bridgestone are among GM’s 50 largest creditors, collectively owed more than $26 million, according to court documents.
Continental, which supplies GM with a variety of automotive parts and components in addition to tyres, is owed the most of the three, $15.5 million.
Bridgestone is owed $4.42 million and Goodyear, which is due $6.81 million is listed in the bankruptcy filing as No. 38 on the list of GM’s top 50 creditors.
Company spokesman Keith Price said Goodyear has been developing contingency plans for a variety of scenarios, including GM’s bankruptcy.
Mr Price said: “We have taken the necessary steps to manage our production levels, inventory and shipments effectively.”
He added that the company would continue to monitor the situation and take necessary actions to protect their interests.
General Motors filed for Chapter 11 bankruptcy protection June 1, showing $172.8 billion in debts and $82.3 billion in assets.
It plans to pay all of its key suppliers, according to reports.
Denna Bowman, Head Office