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Japan braces for GM bankruptcy

Posted Thursday, May 28, 2009, 11:41 am in Employee News

More than 100 Japanese companies face possible bad debts if General Motors Corp. files for bankruptcy, a private credit research agency said Wednesday and the Associated Press reported.

GM has close business ties with 102 Japanese companies, the AP said. They include auto parts makers and suppliers such as Aisin Seiki Co. Ltd., Bridgestone Corp. and Mitsubishi Electric Corp.

Amid worries over GM’s possible bankruptcy, the U.S. Treasury Department has launched a $5 billion support program to provide government guarantees for financing auto parts, the news service reported. Teikoku Databank did not specify the number of Japanese companies applying for the U.S. auto parts assistance program. But it warned that not every applicant would be able to get federal assistance, the story said. (Associated Press/Detroit News)
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