Auto suppliers to request $8-$10B loan guarantees as companies struggle with falling revenue

October 1st, 2009 Loan delinquencies hit record highs in 2nd quarterNEW YORK — Delinquency rates for three key consumer loan categories hit record highs in the second quarter, according to data released Thursday by the American Bankers Association. Rising unemployment and falling incomes were the main culprits for the higher delinquency rates for bank cards, home equity loans and home equity lines of credit, the ABA said.

September 30th, 2009 1,000 jobs lost at uranium enrichment plantBETHESDA, Md. — USEC Inc.

September 24th, 2009 GM to speed up payments to parts supply companiesDETROIT — General Motors Co. has decided to speed up payments to its parts suppliers to help ease their cash flow problems and ultimately improve relations with the companies, a spokesman said Thursday.

August 27th, 2009 Auto parts suppliers ask Obama for more helpWASHINGTON — An auto parts industry association is asking President Barack Obama to consider new ways to help the industry, which is facing a spike in bankruptcies due to the woes of U.S. automakers. In a letter to the White House Wednesday, the Motor & Equipment Manufacturers Association wrote that there was "insufficient capital" available for parts suppliers to rehire workers and acquire raw materials for a possible increase in vehicle production later this year.

July 20th, 2009 Continental brake plant expands despite auto slumpRALEIGH, N.C. — A subsidiary of German auto parts maker Continental AG plans to expand operations at a North Carolina brake systems plant as it looks ahead to North American automakers eventually revving up production again.

June 24th, 2009 Ford says more of its suppliers are ailing in 2009DEARBORN, Mich. — Ford Motor Co.'s top executive for auto parts purchasing said Wednesday the number of the automaker's suppliers that are under distress, bankruptcy protection or under observation has more than doubled in the last year.

June 22nd, 2009 AP source: Ford to get loan from development fundWASHINGTON — The Energy Department is lending money to the Ford Motor Co. from a $25 billion fund to develop fuel-efficient vehicles, congressional officials said Monday.

June 22nd, 2009 Ford to get loan to develop fuel-efficient autosWASHINGTON — The Energy Department is expected to announce that Ford Motor Co. will receive funds from a $25 billion federal loan program to develop fuel-efficient vehicles.

June 16th, 2009 Administration rejects auto supplier aid requestWASHINGTON — The Obama administration has turned down a request by auto suppliers for up to $10 billion in additional federal aid to help the parts companies deal with the bankruptcies of General Motors and Chrysler. The Treasury Department said in a statement Tuesday that an existing $5 billion support program for auto parts suppliers was playing an important role in stabilizing the nation's auto supply base.

June 15th, 2009 Government, automaker aid keeps parts makers aliveDETROIT — Government aid and timely payments by General Motors, Ford and Chrysler have held off the predicted collapse of the nation's auto parts supply base, but industry officials say more bankruptcies are coming as the effects of Detroit's temporary factory closures continue to ripple through the economy. Hundreds of companies large and small across the country make everything from bolts to axles to transmissions, shipping them to Detroit Three factories as well as those of foreign automakers with U.S.

June 10th, 2009 Auto suppliers to seek billions more in gov't aidNEW YORK — Automotive parts suppliers plan to seek an additional $8 billion to $10 billion in loan guarantees to help them weather a bleak auto sales environment and the bankruptcy court restructuring of major customers GM and Chrysler. The Original Equipment Suppliers Association and Motor & Equipment Manufacturers Association said they plan to request the federal aid Wednesday from the U.S.

May 13th, 2009 Auto suppliers lobby for federal supportWASHINGTON — Auto suppliers appealed to lawmakers Wednesday for federal support, warning that the U.S. supply base could buckle under from the declining fortunes of General Motors Corp.

May 9th, 2009 Auto suppliers urge lawmakers to protect baseWASHINGTON — Auto suppliers say the auto industry's supply base could be threatened by factory shutdowns by General Motors and Chrysler. In a letter to congressional offices on Friday, the Motor & Equipment Manufacturers Association said the supplier industry is in crisis and during the shutdowns many suppliers will have no choice but to permanently close their facilities this summer.

May 8th, 2009 Auto industry refugees head to wind powerCHICAGO — Pete Ostrander and the manufacturer he works for took a hard look at the auto industry four years ago, and neither liked what they saw. Automakers were pushing vendors like Merrill Technologies Group, where Ostrander works, to cut costs and, with the economic environment in Detroit worsening by the day, the company retooled itself as a supplier to what it believed was an industry with better prospects.

May 8th, 2009 Auto industry suppliers cross over to wind powerCHICAGO — Pete Ostrander and the manufacturer he works for took a hard look at the auto industry four years ago, and neither liked what they saw. Automakers were pushing vendors like Merrill Technologies Group, where Ostrander works, to cut costs and, with the economic environment in Detroit worsening by the day, the company retooled itself as a supplier to what it believed was an industry with better prospects.