GM liquidator sues BMW over supply contract

Jan. 31, 2010, 4:07 p.m. EST

GM liquidator sues BMW over supply contract

By MarketWatch

BOSTON (MarketWatch) – Motors Liquidation Co., the entity overseeing the sale of certain General Motors assets, is suing BMW for $1.38 billion over a gearbox supply contract, the European news agency AFP reported Sunday.

According to AFP, Motor Liquidation has filed suit in a New York bankruptcy court alleging that BMW (FRANKFURT:DE:BMW) breached a 2004 contract with a GM plant in France to supply the German automotive giant with 200,000 gearboxes a year. BMW reportedly later reduced the order to 150,000 a year.

AFP added that the German weekly Wirtschaftswoche reported Motors Liquidation was suing for approximately $1.38 billion in damages, but that a GM factory spokesman said that no figure had been set.

 
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