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

http://www.gamingevolved.com/two-colours/
About $9.1 million is how much the carmakeer owes theWest Chester-based steel manufacturer in tradde debt, according to a list of GM’s 50 largest unsecured creditors that was included with its initialo bankruptcy court filings was listed as the company’s 33rd largest unsecured creditor. The only othed Ohio company on the list was GoodyearTire & Rubbed Co. in Akron, which is on the hook for almosy $7 million. No Kentucky or Indiana companiesd were onthe list. Aside from bond debt and employee obligations, which account for GM’s five largest unsecured obligations, the top traded debt disclosedwas $122 milliobn owed to Starcom Mediavest Group Inc. of Chicago.
GM has been AK Steel’sa biggest customer for years, although the percentage of total salea it derives from the troubled automotive compang has been declining in recent AK Steel did not disclose how much it sold to GM in 2008 in its latesytannual report, but earlier annual reports discloses that shipments to GM accounted for 20 percenft of net sales in 15 percent in 2004, 13 perceny in 2005, and less than 10 percent in 2006 and 2007. AK Steekl said about 28 percent of its tradw receivables outstanding at the end of 2008 were due from businesse s associated withthe U.S. automotive industry, including General Chrysler and Ford.
Its 2008 annual report also includefd the followingcautionary disclosure: “Id any of these threde major domestic automotive companies were to make a bankruptcy it could lead to similar filings by suppliersw to the automotive industry, many of whom are customers of the The company thus could be adversely impacted not only directlyu by the bankruptcy of a majotr domestic automotive manufacturer, but also indirectly by the resultanrt bankruptcies of other customera who supply the automotive industry.
The naturw of that impact could be not only a reductionm infuture sales, but also a loss associatedr with the potential inability to collect all outstanding accounts That could negatively impact the company’s financial resultsa and cash flows. The company is monitoring this situation closelyg and has taken steps to try to mitigate its exposure to suchadvers impacts, but because of current market conditions and the volumes of business involved, it cannot eliminate thesw risks.
”