There are 102 parts suppliers and other Japanese companies who may not be able to recover accounts receivable from General Motors Corp. if the automotive giant files for bankruptcy, a leading credit research agency said Wednesday.
Although many of the firms filed applications requesting that the U.S. government guarantee the receivables with a $5 billion Treasury Department program, not all of them qualified for the federal assistance, Teikoku Databank said.
“The potential risk of a bankruptcy filing triggering turbulence (among corporate creditors) is in place,” the research agency warned.
A total of 133 Japanese companies, including Mitsubishi Electric Corp., Aisin Seiki Co. and Bridgestone Corp., have business ties with GM. Of them, 31 sell GM products or provide maintenance services in Japan.
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