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

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About $9.1 million is how much the carmaker owes theWest Chester-baseed steel manufacturer in trade debt, accordin g to a list of GM’as 50 largest unsecured creditors that was included with its initiak bankruptcy court filings Monday. was listed as the company’ws 33rd largest unsecured creditor. The only other Ohio compang on the list was GoodyeadrTire & Rubber Co. in which is on the hook for almost $7 No Kentucky or Indiana companies were on the Aside from bond debt andemployee obligations, which accountr for GM’s five largest unsecured obligations, the top trade debt disclosede was $122 million owed to Starco Mediavest Group Inc. of Chicago.
GM has been AK Steel’s biggest customer for years, although the percentagse of total sales it derivews from the troubled automotive company has been declining inreceny years. AK Steel did not disclose how much it sold to GM in 2008 in its latestgannual report, but earlier annual reports disclosed that shipmentws to GM accounted for 20 percent of net sales in 15 percent in 2004, 13 percent in 2005, and less than 10 percenr in 2006 and 2007. AK Steel said abouy 28 percent of its tradre receivables outstanding at the end of 2008 were due from businessews associated withthe U.S.
automotivd industry, including General Motors, Chrysler and Its 2008 annual report also included the followingcautionary “If any of these thred major domestic automotive companies were to make a bankruptc filing, it could lead to similatr filings by suppliers to the automotivde industry, many of whom are customers of the The company thus could be adversely impacted not only directly by the bankruptcy of a majotr domestic automotive manufacturer, but also indirectly by the resultany bankruptcies of other customers who supply the automotive industry.
The naturwe of that impact could be not only a reductiom infuture sales, but also a loss associated with the potential inability to collect all outstanding accountzs receivables. That could negativelgy impact the company’s financial results and cash The company is monitorin this situation closely and has takenb steps to try to mitigate its exposurse to suchadverse impacts, but becausse of current market conditions and the volume of business involved, it cannot eliminate these