When North American auto giants, politicians, and lawyers all try to present the North American automobile industry chain with a graphic situation, some small companies in the mold industry at the bottom of the automotive industry supply chain are trying their best to avoid Inker. Chrysler's bankruptcy and general "bankruptcy" were implicated.
When GM and Chrysler were repeatedly thinking about and measuring whether they were preparing to file for bankruptcy protection, moldmakers and their support teams were moving around. They actively lobbied MPs and the White House Automotive Industry Task Force. Meeting with car manufacturers and verifying their basic customer base, diversifying the mold industry, actively studying the legal priorities of the mold industry and applying them. In the past year, as large-scale mold makers filed for bankruptcy protection, the mold industry’s producers suffered losses and their benefits were either frozen in court or greatly reduced. Although some people have previously measured the bankruptcy of the two auto giants will affect nearly half of the mold industry's companies, but in the end how much is unknown. All companies and investors behind the company are doing their best to minimize the impact on the company.
“There are still many short-term or long-term problems to be solved in the mold industry, but the most noticeable one at present is bankruptcy,†said Rob Jay, executive director of the National Mould and Processing Association in Maryland.
The National Mould and Tooling Association (NTMA) is one of the agencies directly involved in the White House’s hand-picked members of the United States who specialize in subsidizing things for the United States. They are working to get team members to consider reducing mold taxes for mold makers and SMEs. The American Mould Manufacturers Association encourages its members to write to lawmakers, and even examples suggest that they should say "As with GM and Chrysler's automotive industry, the mold industry is suffering a devastating blow from the financial crisis. â€
It is estimated that if the GM or Chrysler enters bankruptcy proceedings, about 35-50% of the companies in the tool and mold industry will go bankrupt, and if both giants go bankrupt, this figure will rise.
The federal government provided $3.5 billion in direct aid to GM and Chrysler, and it also prepared $1.5 billion in emergency relief for Ford, if Ford seeks assistance from the government. However, for companies in the bottom of the automotive manufacturing chain {such as mold manufacturers can not enjoy the government's assistance funds or secured loans.
The NTMA and other associations had hoped that the government’s emergency assistance plan could include suppliers for car manufacturing, but hopes have come to nothing. However, the organization is still making unremitting efforts to strive for the White House Automotive Task Force to affirm the rights of mold industry workers and other small businesses. NTMA is also actively conducting direct dialogue with GM to help solve the problem between car manufacturers and mold manufacturers. The long-term problems, for example, due to complex review and approval procedures (so-called sample approval procedures) will ease payment and other issues. The most worrying thing is that, as GM or Chrysler enter bankruptcy protection procedures, the wages and benefits of workers in the mold manufacturing industry will not be fully paid or accounted for promptly, even if they have worked for a few months, they still have not taken a penny. Until the remuneration becomes a bubble or enters endless legal procedures, credit difficulties will follow. Many die shops may be forced to close business because they cannot pay their bills.
Often in the automotive industry, toolmakers often start preparing bids for projects such as inputs two years or more before they actually start producing parts, but until the auto's direct producers first produce parts, their payables are still Did not arrive. The payment for the tools used in the production of cars is usually paid by the molding companies, which greatly extends the time for receipt of receivables by the tool companies. This means that it takes 5 to 18 months before the accounts can be paid. If any company goes bankrupt during this period, the payment date will be postponed or will not be in sight.
These worries have caused more and more mold manufacturers to join legal strategic alliances to ensure that they receive full payment.
U.S. Automobile Supplier Assistance Funds or Existence of Fraud Risks The Federal Aid Regulatory Agency stated on April 21 that the US$5 billion (34.1 billion yuan) of aid funds provided by the U.S. Treasury Department to auto suppliers may pose fraud risks.
The Special Inspector General of the TARP said in a report that the purpose of providing assistance is to provide protection from the government to the supplier when the car manufacturer fails to pay the payment, but the funds may become " False receivables."
Such receivables refer to the purchase of auto parts that meet the federal assistance requirements but have not been received by the supplier.
The agency said in its 248-page report to Congress that the funds may also be commercial bribery because it would give automakers unlimited power to select suppliers who are eligible to participate in the TARP program.
According to the report, automakers have the right to “freely select and eliminate participants from the TARP plan.â€
The Ministry of Finance's response to this is that certain financial aspects of the plan will inhibit the creation of fraudulent practices.
The report, written by the special Inspector General Neil Barofsky, also wrote:
The Ministry of Finance is considering increasing the amount of the automobile protection plan provided to General Motors (GM) and Chrysler to US$1.25 billion (8.53 billion yuan).
Chrysler Financial Co. sought to apply for more financial assistance after receiving US$1.5 billion in aid funds in January, but its top executive rejected the Ministry of Finance’s request to accept certain high-level pay restrictions, putting the issue of additional loans on hold. General Motors will receive up to 5 billion U.S. dollars (34.1 billion yuan), Chrysler will receive up to 500 million U.S. dollars (31.4 billion yuan) in federal aid payments as they move through until May 31 (GM) and in April. On the 30th (Chrysler) operating funds, at the same time, the two companies are trying to formulate new business plans to avoid bankruptcy.
Supplier Plan Responsibility This report covers the entire assistance plan that was initiated by the Bush administration last fall and was taken over by the new President Barack Obama, which totaled 700 billion U.S. dollars (4.78 trillion yuan). Although federal aid to financial institutions is the main content of the report, it also mentions assistance programs for the automotive industry.
The auto supplier support plan announced in March is a one-year deferred plan to provide suppliers and automakers with up to $5 billion (34.1 billion yuan) in financial aid.
The plan aims to ensure that suppliers can receive payments even if GM or Chrysler files for bankruptcy.
The Inspector General wrote after receiving the guarantee from the Ministry of Finance on fraudulent restrictions that he "will wait for further reporting of the plan."
Government Provides Car Warranty Guarantees The Obama administration wants to assure consumers through the Car Warranty Program that it will still be able to maintain the car during the reorganization of GM and Chrysler.
The plan's aid is for American-made cars.
General Motors did not separately count the cost of its own domestic car warranty. A spokeswoman for General Motors said that from a global perspective, this part of the expenditure in 2008 was 3.85 billion US dollars (26.8 billion yuan), but this figure also includes the cost of car recalls and repurchases.
When GM and Chrysler were repeatedly thinking about and measuring whether they were preparing to file for bankruptcy protection, moldmakers and their support teams were moving around. They actively lobbied MPs and the White House Automotive Industry Task Force. Meeting with car manufacturers and verifying their basic customer base, diversifying the mold industry, actively studying the legal priorities of the mold industry and applying them. In the past year, as large-scale mold makers filed for bankruptcy protection, the mold industry’s producers suffered losses and their benefits were either frozen in court or greatly reduced. Although some people have previously measured the bankruptcy of the two auto giants will affect nearly half of the mold industry's companies, but in the end how much is unknown. All companies and investors behind the company are doing their best to minimize the impact on the company.
“There are still many short-term or long-term problems to be solved in the mold industry, but the most noticeable one at present is bankruptcy,†said Rob Jay, executive director of the National Mould and Processing Association in Maryland.
The National Mould and Tooling Association (NTMA) is one of the agencies directly involved in the White House’s hand-picked members of the United States who specialize in subsidizing things for the United States. They are working to get team members to consider reducing mold taxes for mold makers and SMEs. The American Mould Manufacturers Association encourages its members to write to lawmakers, and even examples suggest that they should say "As with GM and Chrysler's automotive industry, the mold industry is suffering a devastating blow from the financial crisis. â€
It is estimated that if the GM or Chrysler enters bankruptcy proceedings, about 35-50% of the companies in the tool and mold industry will go bankrupt, and if both giants go bankrupt, this figure will rise.
The federal government provided $3.5 billion in direct aid to GM and Chrysler, and it also prepared $1.5 billion in emergency relief for Ford, if Ford seeks assistance from the government. However, for companies in the bottom of the automotive manufacturing chain {such as mold manufacturers can not enjoy the government's assistance funds or secured loans.
The NTMA and other associations had hoped that the government’s emergency assistance plan could include suppliers for car manufacturing, but hopes have come to nothing. However, the organization is still making unremitting efforts to strive for the White House Automotive Task Force to affirm the rights of mold industry workers and other small businesses. NTMA is also actively conducting direct dialogue with GM to help solve the problem between car manufacturers and mold manufacturers. The long-term problems, for example, due to complex review and approval procedures (so-called sample approval procedures) will ease payment and other issues. The most worrying thing is that, as GM or Chrysler enter bankruptcy protection procedures, the wages and benefits of workers in the mold manufacturing industry will not be fully paid or accounted for promptly, even if they have worked for a few months, they still have not taken a penny. Until the remuneration becomes a bubble or enters endless legal procedures, credit difficulties will follow. Many die shops may be forced to close business because they cannot pay their bills.
Often in the automotive industry, toolmakers often start preparing bids for projects such as inputs two years or more before they actually start producing parts, but until the auto's direct producers first produce parts, their payables are still Did not arrive. The payment for the tools used in the production of cars is usually paid by the molding companies, which greatly extends the time for receipt of receivables by the tool companies. This means that it takes 5 to 18 months before the accounts can be paid. If any company goes bankrupt during this period, the payment date will be postponed or will not be in sight.
These worries have caused more and more mold manufacturers to join legal strategic alliances to ensure that they receive full payment.
U.S. Automobile Supplier Assistance Funds or Existence of Fraud Risks The Federal Aid Regulatory Agency stated on April 21 that the US$5 billion (34.1 billion yuan) of aid funds provided by the U.S. Treasury Department to auto suppliers may pose fraud risks.
The Special Inspector General of the TARP said in a report that the purpose of providing assistance is to provide protection from the government to the supplier when the car manufacturer fails to pay the payment, but the funds may become " False receivables."
Such receivables refer to the purchase of auto parts that meet the federal assistance requirements but have not been received by the supplier.
The agency said in its 248-page report to Congress that the funds may also be commercial bribery because it would give automakers unlimited power to select suppliers who are eligible to participate in the TARP program.
According to the report, automakers have the right to “freely select and eliminate participants from the TARP plan.â€
The Ministry of Finance's response to this is that certain financial aspects of the plan will inhibit the creation of fraudulent practices.
The report, written by the special Inspector General Neil Barofsky, also wrote:
The Ministry of Finance is considering increasing the amount of the automobile protection plan provided to General Motors (GM) and Chrysler to US$1.25 billion (8.53 billion yuan).
Chrysler Financial Co. sought to apply for more financial assistance after receiving US$1.5 billion in aid funds in January, but its top executive rejected the Ministry of Finance’s request to accept certain high-level pay restrictions, putting the issue of additional loans on hold. General Motors will receive up to 5 billion U.S. dollars (34.1 billion yuan), Chrysler will receive up to 500 million U.S. dollars (31.4 billion yuan) in federal aid payments as they move through until May 31 (GM) and in April. On the 30th (Chrysler) operating funds, at the same time, the two companies are trying to formulate new business plans to avoid bankruptcy.
Supplier Plan Responsibility This report covers the entire assistance plan that was initiated by the Bush administration last fall and was taken over by the new President Barack Obama, which totaled 700 billion U.S. dollars (4.78 trillion yuan). Although federal aid to financial institutions is the main content of the report, it also mentions assistance programs for the automotive industry.
The auto supplier support plan announced in March is a one-year deferred plan to provide suppliers and automakers with up to $5 billion (34.1 billion yuan) in financial aid.
The plan aims to ensure that suppliers can receive payments even if GM or Chrysler files for bankruptcy.
The Inspector General wrote after receiving the guarantee from the Ministry of Finance on fraudulent restrictions that he "will wait for further reporting of the plan."
Government Provides Car Warranty Guarantees The Obama administration wants to assure consumers through the Car Warranty Program that it will still be able to maintain the car during the reorganization of GM and Chrysler.
The plan's aid is for American-made cars.
General Motors did not separately count the cost of its own domestic car warranty. A spokeswoman for General Motors said that from a global perspective, this part of the expenditure in 2008 was 3.85 billion US dollars (26.8 billion yuan), but this figure also includes the cost of car recalls and repurchases.
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