GM Moves Up Supplier Payments
Updated from 11:18 a.m. EDT
In what some are seeing as another sign of a likely bankruptcy filing,
General Motors
(GM) - Get General Motors Company Report
has moved up payments to its parts suppliers before its June 1 restructuring deadline, according to published reports.
GM will make the payments to many suppliers in North America -- originally scheduled for June 2 -- on May 28, according to the
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Detroit Free Press
Web site. GM, which has received $15.4 billion in bailout funds from the U.S. government to date, faces a June 1 deadline to restructure its debt or face bankruptcy.
GM CEO Fritz Henderson said earlier this week
that a bankruptcy filing by the Detroit automaker was "probable."
GM shares were recently trading down 4 cents to $1.17.
This article was written by a staff member of TheStreet.com.
