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Burning Journal -> CSX -> GM owes CSX almost $9 million
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GM owes CSX almost $9 million
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GM owes CSX almost $9 million
JACKSONVILLE, Fla. -- A CSX Corp. spokesman Monday said the Jacksonville-based railroad expects to get back some of the $8.9 million owed to it by General Motors Corp. following the automaker's filing for Chapter 11 bankruptcy. CSX ships cars for General Motors.

"We've have had informal discussions about that they would assume our contract and wouldn't be able to get out of bankruptcy until they made good," said CSX spokesman Garrick Francis.

He said CSX reduced its exposure to General Motors by about half about a year ago. Francis said the company has carrier liens on all the goods that are in transit so it won't lose money on those carloads. In total, GM owes its creditors about $172 billion.

(The preceding article was published June 1, 2009, by the Jacksonville Business Journal.)

 

June 2, 2009


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Freddie Krueger


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CSX telling them they can't get out of bankruptcy unless they make good? Me thinks the judge will decide that.

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Freddie Krueger wrote:

CSX telling them they can't get out of bankruptcy unless they make good? Me thinks the judge will decide that.


Especially when the new owners reside in the whitehouse. In the issue of GM, it would be smart for the creditors to just go with the flow for awhile.

 



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Mistah


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at least now they know how it feels when someone is holding money that belongs to them...similar to t&e wanting their vaild claims paid :)

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GM owes CSX almost $9 million

Claim is in research

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