Japanese Parts Makers Want Government $$$

[AVANTI R5]

Let’s see what comments this one gets: Seven Japanese companies have applied for the US government’s relief program for auto parts and materials suppliers of GM and Chrysler, the Nikkei [sub] says.
The program earmarked $5 billion in public funds to make suppliers whole who are owed money by the two artists.

Four Japanese applicants—Aisin Seiki, Akebono Brakes, Mitsubishi Electric Corp. and Hitachi Metals—have accounts receivable from General Motors and Chrysler.
Yazaki and Nachi-Fujikoshi filed papers due to debt owed by Chrysler.
Yorozu is seeking help with its receivables from GM. Denso, the by far biggest player in the toxic parts business with US OEMs, is also considering tapping the program.
According to the Nikkei, “the U.S. government is expected to deliberate several weeks before deciding whether to honor the debt held by the Japanese autoparts makers.”
The Nikkei »

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