GM goes under with $9.6 mn debt to ArcelorMittal

Bankrupt General Motors has to pay USD 9.55 million (about Rs 45 crore) in trade debt to the world's largest steel maker ArcelorMittal.

The car maker, which filed for bankruptcy protection under Chapter 11 yesterday, owes USD 172.81 billion in total debts to its 50 largest creditors, including ArcelorMittal.

In its filing with the bankruptcy court in the Southern District of New York GM said it has a "trade debt" of USD 9.55 million to be paid to NRI-billionaire Lakshmi Mittal-led ArcelorMittal.

According to the filing, the auto maker has assets worth USD 82.29 billion.

Under Chapter 11 bankruptcy protection, the company can continue with its operations and is protected from the creditors.

Among the 50 largest creditors named in the filing, GM has to pay the maximum of USD 22.76 billion to Wilmington Trust Company. The second largest creditor is International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), which has to get USD 20.56 billion.

In the case of Wilmington Trust, GM has termed the money owed as "bond debt" while for UAW, the amount of USD 20.56 billion is part of "employee obligations".