Tuesday, November 18, 2008
Finance withdrawn from GM and Ford suppliers
Two finance companies have refused to insure British firms supplying Ford and General Motors in the UK.
The decision will force hundreds of manufacturers across the country to consider whether they wish to consider taking the risk of supplying parts to the US car giants, who have been hit by a sharp fall in sales, reported The Independent.
Euler Hermes and Atradius withdrew policies that guarantee payments from the companies, due to concerns about their financial standing.
A third credit insurer, Coface, is considering removing the cover.
DATED: 18.11.08
FEED: AM
