General Motors has cut a deal with Clark-Cutler-McDermott, a long-time and now bankrupt auto parts supplier, that will allow the automaker to avoid closing its North American assembly plants.
Under the agreement, which was reached Wednesday afternoon in U.S. Bankruptcy Court in Worcester, Mass., GM was given the right to retain the tooling that CCM used to make 175 parts for the automaker. GM can also buy any finished product the supplier has, GM spokesman Nick Richards said after the hearing ended.
