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Old 12-26-2008, 12:03 PM   #1
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GM sues bankrupt supplier Cadence over parts

NEW YORK, Dec 26 (Reuters) - General Motors Corp <GM.N> has filed a lawsuit against a bankrupt auto-parts supplier, saying it is holding necessary equipment "hostage" which could potentially interrupt the launch of its new Chevrolet Camaro car.

In a lawsuit filed on Wednesday in U.S. Bankruptcy Court in Delaware, General Motors asked the court to allow it access to facilities of the supplier, Cadence Innovation, so it could obtain necessary tooling and parts for its plants.

Cadence, which makes door trim, instrument panels and air bag covers, filed for bankruptcy protection in August, but this month abandoned plans to sell itself and is now liquidating, according to court papers.

GM said it needed immediate access to the tooling, because it does not have enough parts on hand, and its vehicle assembly operations could be interrupted.

"Even one day's disruption in supply of certain Component Parts could cause a shutdown of GM assembly operations, disrupting not only GM's business, but the operations of countless suppliers, dealers, customers, and other stakeholders," GM said in the complaint.

GM said that such a shut down could cost millions of dollars per plant per day and it would need to have a successor supplier in place by Jan. 12 for the launch of the new Chevrolet Camaro.

GM said it had an accommodation agreement with Cadence that requires the auto-parts supplier to continue to manufacture the parts and provide tooling and equipment.

A Cadence lawyer and spokesman were not immediately available. (Reporting by Emily Chasan and Santosh Nadgir in Bangalore; Editing by Tim Dobbyn)




http://www.reuters.com/article/email...26157920081226
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Old 12-26-2008, 12:05 PM   #2
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Ok so great reading, however, lets not get excited over this. Maybe this is the issue with the ABL we have been hearing about. GM still has plenty of time to get this issue resolved.

Have any of our GM employed members heard anything about this?
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Old 12-26-2008, 12:09 PM   #3
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Old 12-26-2008, 12:12 PM   #4
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O great now everyone is gonna flip we still have months till production it will get settled.
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Old 12-26-2008, 12:28 PM   #5
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Courts do NOT work fast at all, this is bad news.
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Old 12-26-2008, 12:56 PM   #6
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doh

damn I hope they get there parts
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Old 12-26-2008, 12:56 PM   #7
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Courts do NOT work fast at all, this is bad news.
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For the average joe, but I bet GM will get put on the judicial fast track. I'm still worried though, theres only a month and a half before production is suppose to start, I imagine theres a learning curve for this equipment. Wow.:(
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Old 12-26-2008, 12:57 PM   #8
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Originally Posted by dieseldave24v View Post
...Maybe this is the issue with the ABL we have been hearing about...

That is exactly what I was thinking when I read it.... "door trim and instrument panels..."


TIME TO ROLL IN THE BLACK SUBURBANS.......

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Old 12-26-2008, 01:07 PM   #9
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That is exactly what I was thinking when I read it.... "door trim and instrument panels..."


TIME TO ROLL IN THE BLACK SUBURBANS.......

Yep, comandeer that tooling and haul it to Oshaua in the Suburbans!
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Old 12-26-2008, 01:27 PM   #10
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Ok so great reading, however, lets not get excited over this. Maybe this is the issue with the ABL we have been hearing about.
Well it would help explain why we've had on word on it from anyone official, there might be a gag order preventing it.
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Old 12-26-2008, 01:36 PM   #11
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No news here -
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Old 12-26-2008, 01:43 PM   #12
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Surely there cant be just one company that offer this service for trims etc. Heck go find another, in this climate companies would be bending over backwards to contract with GM.
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Old 12-26-2008, 05:51 PM   #13
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Has GM been seeking an alternative supplier since August? I think that's an important question. If they were a doomed company, then GM should have had the foresight to start looking for replacement options. It would surprise me if GM didn't have an alternative relatively soon because it would suggest that GM hasn't been looking.
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Old 12-26-2008, 06:16 PM   #14
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But is a company that produces "door trim, instrument panels and air bag covers," techie enough to produce "an active light pipe system?"
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