GM owes ArcelorMittal $9.6 million in `trade debt'
02 June 2009
US auto giant General Motors, which filed for bankruptcy protection in a US bankruptcy court yesterday, said it owes the Lakshmi Mittal-led global steel major ArcelorMittal a "trade debt" of $9.55 million.
In its Chapter 1 filing with the bankruptcy court, GM said it owed a total of $172.81 billion to its 50 largest creditors, including ArcelorMittal.
GM owes debtors more than double the net worth of its assets. Against the combined debt of around $173 billion, the auto maker said it has assets worth a total $82.29 billion.
GM owes the maximum of $22.76 billion to Wilmington Trust Company, the largest among its 50 big creditors, followed by International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), which it owes $20.56 billion.
GM owed the United Auto Workers (UAW) a total of $20.56 billion, as part of "employee obligations", which it termed "bond debt."
GM also owes the Deutsche Bank AG $4.4 billion, which is also classified as "bond debt."