Bingham Farms, Mich.-based auto supplier Gissing North America LLC has filed for Chapter 11 bankruptcy protection with up to $100 million in liabilities, including $13.3 million owed to Tesla Inc.
Under an agreement pending approval, however, the electric vehicle behemoth and other customers, including General Motors Co., have agreed to keep the supplier afloat until it is sold.
Gissing supplies acoustic components to automakers, including thermoformed panels. It filed for bankruptcy Aug. 8 in the U.S. Bankruptcy Court of the Eastern District of Michigan in Detroit.
The company, a subsidiary of a Chinese automotive supplier, manufactures interior acoustic and cargo management systems for Tesla, GM, Ford Motor Co., Stellantis NV and Toyota Motor Corp.
Under an agreement signed July 18, Tesla, GM, Toyota and BMW agreed to fund Gissing's projected liquidity shortfall of more than $14 million until the sale of the debtor's assets, expected by Oct. 31, according to the filing.