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Parts makers face closure

Autos Delays in reaching an auto aid deal with General Motors and Chrysler in Canada will probably mean the closure of parts suppliers within weeks, says an industry leader.

Autos Delays in reaching an auto aid deal with General Motors and Chrysler in Canada will probably mean the closure of parts suppliers within weeks, says an industry leader.

Gerald Fedchun, president of the Automotive Parts Man­ufacturers’ Association, said suppliers are starving for cash, which the auto-makers and governments are holding up in negotiations for $4 billion in public financial aid.

Several automakers are down for part or most of this month to reduce an oversupply, exacerbating a cash flow crisis for suppliers.

 
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