OESA urges Obama to allot funds to auto supply chain

Jan 23, 2009 | 12:10 PM | Martyn Chase

The Original Equipment Suppliers Association (OESA) is pressing the Obama administration to use some of the $700 billion in financial rescue funds to speed money to the auto supply chain, where many companies are on the brink of collapse.

Neil De Koker, president and chief executive officer of the association, said his group wants federal funds to be used to speed up payments by General Motors Corp., Detroit, and Chrysler LLC, Auburn Hills, Mich., to many of their struggling suppliers.

The OESA wants the automakers to pay suppliers in 10 days rather than the average 47 days now prevailing in the industry, and the association also wants funding that would guarantee both direct loans to suppliers and receivables.....

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