Crunch time for auto suppliers
While Ford and General Motors have been hogging the headlines, the US auto parts industry has been quietly dying, with each month seemingly bringing a new bankruptcy. Nadia Damouni asks how the remaining players can survive
Auto parts supplier Collins & Aikman became the latest casualty of the ailing North American auto industry in May, filing for Chapter 11 bankruptcy protection and thereby defaulting on almost $2 billion of debt. Tough market conditions have already forced two other US auto suppliers, Tower Automotive and Meridian Automotive Systems, to file for bankruptcy this year, and during the first three months of 2005, Standard & Poor’s reported that nine US auto suppliers had their corporate ratings
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