Auto suppliers get organized, ask Treasury Dept. for $10 billion in loans
Instead of receiving the money directly from the Feds themselves, auto suppliers are asking that the funds be dispersed to the automakers, who would then in turn pay the suppliers on a 10-day cycle for parts delivered. The only problem with this plan, though, is that Chrysler and General Motors still need to submit business plans to Congress on February 17th that detail their path to viability – or else they'll need to give their lifeline back, which would likely send both the automakers and many of their suppliers spiraling towards bankruptcy.
[Source: Automotive News - sub. req'd]
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