Unprecedented distress in the financial and consumer markets threatens the viability of the Detroit 3. As Congress and the White House shape a financial relief package for the industry, Foley provides strategies and insights that suppliers can use immediately to help mitigate risk and protect their interests. Whether or not Congress provides the requested funding, automotive suppliers face a changed industry that requires new ways of doing business.
In response to increased client demand after our November 21, 2008 Breakfast Briefing, Foley’s Automotive Industry Team presented a follow-up Web conference on December 12, 2008 to discuss these and other topics:
Up-to-the-minute legislative update on current status of the bailout
Automotive supplier contract assessment, both prior to and following a customer bankruptcy
Overview of your state law rights and remedies:
Strategies under the Uniform Commercial Code (UCC)
Demands for adequate assurance
Impact of customer’s insolvency on obligation to ship and payment terms
Other common law considerations and strategies
Post-petition strategies for payment of pre-petition receivables
Achieving critical supplier status
Assumption or rejection of contracts
Exposure mitigation and use of contract leverage in bankruptcy
Jurisdiction, choice of law and other international supplier issues
For more information, please contact Jennifer Bartz at jbartz@foley.com.
