Partner Steve Hilfinger was quoted in The Detroit News article, “’Phase 3’: Michigan manufacturing begins methodical restart.”
One of the many challenges auto parts and component manufacturers will face as they reopen is liquidity, Hilfinger said.
Liquidity is posing a challenge to suppliers as pre-shutdown payments dry up and they purchase materials they need to restart, he said. Some suppliers are not paid until 60 days after delivering an order.
“I think as suppliers are being asked to ramp back up and purchase raw materials and supplies,” Hilfinger said, “this is going to become a very pressing issue in very short order.”