GM owes $9M to AK Steel - Denver Business Journal:

http://bestgo.org/?f=1&n=27
About $9.1 million is how much the carmaker owes theWest Chester-baserd steel manufacturer in trade debt, according to a list of GM’x 50 largest unsecured creditors that was included with its initia l bankruptcy court filings Monday. was listed as the company’ 33rd largest unsecured creditor. The only othef Ohio company on the list was GoodyearfTire & Rubber Co. in which is on the hook for almost $7 million. No Kentucky or Indian companies were onthe list. Aside from bond debt and employeee obligations, which account for GM’se five largest unsecured obligations, the top trade debt disclosed was $122 millioj owed to Starcom Mediavest Group Inc. of Chicago.
GM has been AK Steel’ws biggest customer for although the percentage of totao sales it derives from the troubled automotive company has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latestfannual report, but earlier annuao reports disclosed that shipmentsd to GM accounted for 20 percent of net saless in 2003, 15 percent in 2004, 13 percent in and less than 10 percent in 2006 and 2007. AK Stee said about 28 percent of its trade receivableds outstanding at the end of 2008 were due from businessexs associated withthe U.S. automotive industry, including General Motors, Chrysler and Ford.
Its 2008 annual reporgt also included the followingcautionary “If any of these three major domestic automotive companies were to make a bankruptcy it could lead to similar filings by supplierx to the automotive industry, many of whom are customers of the The company thus could be adversely impacted not only directlyt by the bankruptcy of a major domestic automotive manufacturer, but also indirectly by the resultant bankruptciee of other customers who supply the automotive The nature of that impact could be not only a reductiobn in future sales, but also a loss associate with the potential inability to collectg all outstanding accounts receivables.
That could negatively impacgt the company’s financial results and cash The company is monitoring this situation closel and has taken steps to try to mitigatwe its exposure to suchadverse impacts, but because of curren market conditions and the volume of business involved, it cannof eliminate these risks.”