JAPAN: Supplier asks US to guarantee Chrysler debt
Japan's Mitsui Mining and Smelting has asked for US government guarantees on about JPY300m (US$3.07m) owed to it by bankrupt Chrysler, according to media reports.
Japan’s Mitsui Mining and Smelting has asked for US government guarantees on about JPY300m (US$3.07m) owed to it by bankrupt Chrysler, according to media reports.
The leading producer of door locks supplies mostly Japanese carmakers but had about JPY3bn in business with the ailing US automaker each year, Reuters reported, citing the Nikkei business daily.
With Chrysler orders already on the decline, “the effect is negligible,” the paper quoted a Mitsui Mining official as saying.
The company has almost no outstanding receivables due from General Motors, the report added.
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