How do I protect our company from collections risks if Chrysler goes on Chapter 11?
Rumor – Chrysler might file for Chapter 11 next week. I am in charge of credit and collection for our company. We have a lot of customers who are direct suppliers for Chrysler. What would you do as Collections Manager to protect your company from Chrysler’s risk?
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Isn’t it a bit late to be asking this question?
I have been saying the "Big 3" esp GM and Chrysler were in all probability were going to end up that way since the first bailout in 2008.
Your company should have had a risk manager on board a long time ago.
Today Chrysler declared Chapter 11. Basically all liabilities are frozen and will have to be resolved in bankruptcy court. Your customers who deal with Chrysler won’t get paid by the company for a while…
It will be tough to navigate now. Everyone will be asking for their money right now, because Chrysler’s customers will be at risk of declaring bankruptcy too. I guess your company should ask as well…
I guess you can blame the hedge funds… The federal government forced Chrysler to declare Chapter 11 after the hedge funds refused to settle. I understand the hedge funds were very displeased with the offer of selling their loans for pennies on the dollar. But what now??? They allowed a bankruptcy judge to determine their fate…
Even if they can force a liquidation of Chrysler, who’s going to buy an auto plant (or several) at this time???
Fiat / Chrysler mandates a totally complete divorce from the past. Stock- / bondholders, American underworld racketeers, government regulatory bureaucrats will get to see subsidized outsourcing firsthand. Which is kinda interesting. Will the FBI be setting up field offices in Italy?