GM stamping presses connected to $293 million in loans
General Motors claims they have $293 million in equipment loans secured through stamping presses and parts of the assembly line at their Parma and Flint plants.
According to a company statement in bankruptcy court filings, “The value of the equipment is substantially less than the amounts. In fact, the debtors believe that the cost to remove the equipment may exceed the value of the equipment.”
Robert Schoenberger, reporter at the Cleveland Plain Dealer, wrote a story covering the loans attached to stamping presses in more detail recently. http://www.cleveland.com/business/index.ssf/2009/07/gm_files_to_reject_equipment_l.html
