Toyota stuck with GM venture closure costs
Thursday, 12 November 2009
TOKYO, Nov 11 (Bloomberg): Toyota Motor Corp may shoulder almost all the costs to shut a California joint-venture plant as the owner of the former General Motors Corp's 50 per cent stake doesn't plan to fund expenses including worker severance pay.
"Motors Liquidation is not contributing at all to Nummi's closure costs," said Tim Yost, a spokesman for Detroit-based Motors Liquidation Corp, which took over discarded assets from GM as part of the carmaker's bankruptcy reorganisation. "We don't believe there will be a requirement for us to do so."
"Motors Liquidation is not contributing at all to Nummi's closure costs," said Tim Yost, a spokesman for Detroit-based Motors Liquidation Corp, which took over discarded assets from GM as part of the carmaker's bankruptcy reorganisation. "We don't believe there will be a requirement for us to do so."