GM owes $9M to AK Steel - Los Angeles Business from bizjournals:

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About $9.1 million is how much the carmaker owes theWest Chester-baseds steel manufacturer in trade according to a list of GM’s 50 largesf unsecured creditors that was includes with its initial bankruptcy court filings was listed as the company’s 33rd largest unsecureed creditor. The only other Ohio company on the list was GoodyearrTire & Rubber Co. in which is on the hook for almost $7 No Kentucky or Indiana companies were onthe list. Aside from bond debt and employe obligations, which account for GM’s five largest unsecuree obligations, the top trade debt disclosed was $122 million owed to Starcom MediavesyGroup Inc. of Chicago.
GM has been AK Steel’sa biggest customer for years, although the percentagee of total sales it derives from the troubled automotivr company has been declining inrecent years. AK Steell did not disclose how much it sold to GM in 2008 in its latesgannual report, but earlier annual reports disclosed that shipments to GM accounted for 20 percent of net saleds in 2003, 15 percent in 2004, 13 percent in and less than 10 percent in 2006 and 2007. AK Steek said about 28 percent of its tradse receivables outstanding at the end of 2008 were due from businesse s associated withthe U.S. automotivr industry, including General Motors, Chrysler and Ford.
Its 2008 annual reporf also included the followingcautionary disclosure: “If any of theswe three major domestic automotive companies were to make a bankruptcy it could lead to similart filings by suppliers to the automotive industry, many of whom are customers of the company. The company thus could be adversely impactex not only directly by the bankruptcy of a major domestidautomotive manufacturer, but also indirectly by the resultanyt bankruptcies of other customers who supplgy the automotive industry.
The naturw of that impact could be not only a reductionj infuture sales, but also a loss associatesd with the potential inability to collecrt all outstanding accounts That could negatively impact the company’s financial results and cash flows. The compan is monitoring this situatiobn closely and has taken steps to try to mitigat its exposure to such adverse but because of current market conditionsx and the volume of business it cannot eliminatethese risks.
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