Exec says Toyota prepared for GM bankruptcy

Apr 8, 6:31 PM (ET)

By DAN STRUMPF

NEW YORK (AP) - A top Toyota executive said Wednesday the automaker's U.S. operations are prepared to deal with the effects of a possible bankruptcy filing by rival General Motors Corp. (GM) (GM)

Jim Lentz, president of Toyota Motor Sales USA, said the company's U.S. factories share about two-thirds of their 500 major auto parts suppliers with the Detroit Three automakers. Of that group, about 10 are in "critical need" of cash.

GM has recently said it may file for bankruptcy protection as part of its restructuring plan. Analysts and industry insiders have expressed fear that a bankruptcy among a major automaker would take important auto parts suppliers with it. Automakers that build cars in the U.S. share many parts suppliers and worry that a failure would disrupt their ability to produce cars.

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