GM owes Johnson Controls $32.8 million
MILWAUKEE (AP) — General Motors has entered Chapter 11 bankruptcy protection and it owes Wisconsin's largest company $32.8 million.
Milwaukee-based Johnson Controls produces electronics on instrument panels, seats and consoles in GM cars. The automaker owes $32.8 million for those services.
The bankruptcy filing says Johnson Controls ranks as the 12th largest creditor in the GM bankruptcy, after ranking third among Chrysler creditors when Chrysler LLC filed for Chapter 11 reorganization in April.
In a statement, Johnson Controls officials say they expect to receive what's owed to them either through GM or through the U.S. treasury's supplier credit insurance program.
Jun 2, 2009 at 4:25 p.m.
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Johnson Controls can kiss that money Good Bye. The new Government Motors will make them an offer they cannot refuse. $0.10 on the dollar for what is owed and a brand new contract for the new company where they can increase prices a little to cover the losses over the next 20 years. Or take the hard-line on what is owed and forget about selling to the new GM. Which do you think they will take.
Jun 2, 2009 at 2:53 p.m.
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I wouldn't worry, I'm sure that GM is good for it. :-)
Jun 2, 2009 at 1:58 p.m.
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good luck getting that.lol. let us all know how that works out for you. hahahahaha
Jun 2, 2009 at 11:01 a.m.
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Obama can pay that off with his Fannie Mae trust fund. That's what "partners" do!
Jun 2, 2009 at 10:43 a.m.
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The liquidation of the unwanted GM assets will provide some cash. The rest will have to come from the insurance. A good chunk of the government bailout money went toward funding that insurance.
Jun 2, 2009 at 9:52 a.m.
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Time to charge off -
Jun 2, 2009 at 5:29 a.m.
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Don't forget batteries also. Johnson Controls bought the old Delphi (AC Delco) battery business a few years back. Knowing GM, they probably forced Johnson Controls to purchase it in exchange for future supplier business (electronics).
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