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Automotive Insolvencies
The unique environment of the automotive industry has resulted in the insolvencies of tier-one and tier-two suppliers developing distinct characteristics. Unlike many industries, automotive suppliers typically have only a handful of customers, without whom they have no business to reorganize or sell in an effort maximize values for creditors. This gives customers significant control in the options a debtor has when faced with severe financial distress. However, because of Original Equipment Manufacturers' (OEM) just-in-time methods of production ' unlike customers in many businesses that can simply decide not to do business with an insolvent entity ' OEMs and large tier-one suppliers cannot purchase automotive parts or assemblies elsewhere.
How It Works
The OEMs have shifted the cost of maintaining inventories to their suppliers over the past decade or so and now maintain only a few days' supply of parts. A supplier's failure to provide parts for as little as one or two days can shut down production lines at a cost of millions of dollars per day to the OEMs.
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