GM Seeks To Secure Tooling If Plastech Can't Deliver

By Jocelyn Allison

Law360, New York (March 13, 2008, 12:00 AM ET) -- Following in Chrysler LLC's footsteps, General Motors Corp. has asked a federal bankruptcy court for the right to take back tooling from Plastech Engineered Products Inc. in the event the bankrupt auto supplier becomes unable to supply the company with parts.

The automotive giant filed a motion Tuesday for contingent relief from the automatic stay in the U.S. Bankruptcy Court for the Eastern District of Michigan, saying that the uncertainties facing Plastech in its efforts to reorganize were “self-evident.”

GM noted that Plastech's short-term financing was...
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