To the Editor:While General Motors may want to placate suppliers and ensure them that the terms of the contract will be met, banks are looking at this with a slightly different slant.
Forget trying to insure money due; my lender informed me that it will no longer look at GM receivables as eligible. I am sure Rick Wagoner's comments to Congress helped that along. In a nutshell, small suppliers cannot afford to finance GM.
The Detroit 3 have forced suppliers into a situation in which we have no more room to bend, and they understand that. They must begin the same processes that they forced on us: Reduce costs, reduce costs and reduce costs.
Do it today; there is no tomorrow.