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Treasury Announces Bailout Money for Auto Parts Suppliers

Treasury announced this morning the launch of its bailout program for American auto parts suppliers, which was reported last month.

"The U.S. Treasury Department is pleased that both GM and Chrysler have moved quickly to launch Supplier Support programs," Treasury said in a release. "These efforts, backed by U.S. Treasury resources, will help stabilize the auto supply base and restore credit flows in a critical sector that employs more than 500,000 American workers across the country.

During this difficult period of restructuring in the auto industry, the Supplier Support program will provide supply companies with access to liquidity and protect good-paying American jobs while giving GM and Chrysler reliable access to the parts they need," Treasury said.

Parts suppliers interested in getting a piece of the government bailout money should contact GM and Chrysler, Treasury said.

-- Frank Ahrens
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By Frank Ahrens  |  April 8, 2009; 11:01 AM ET
Categories:  The Ticker  | Tags: Chrysler, GM, Treasury, bailout  
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