GM owes $9.6 mn to ArcelorMittal

NEW YORK: General Motors which filed for bankruptcy on Monday owes USD 9.55 million (about Rs 45 crore) to the world's largest steel maker ArcelorMittal.

According to a filing with the Bankruptcy Court in the Southern District of New York, the auto maker has to pay ArcelorMittal USD 9.55 million. The amount owed to the steel maker is described as "trade debt".

ArcelorMittal is among the 50 creditors named by General Motors in the bankruptcy filing.

Staring at massive losses and falling sales, the iconic car maker today sought bankruptcy protection. Under Chapter 11 bankruptcy protection, the company can continue with its operations and is protected from the creditors.

The failure of General Motors is the fourth largest bankruptcy in the American history.