Chrysler, Plastech end financial dispute

NATION

Chrysler, Plastech
end financial dispute

DETROIT — Chrysler LLC and struggling parts supplier Plastech Engineered Products Inc. have agreed for Plastech to resume sending parts to the automaker, temporarily halting a financial dispute that had closed four assembly plants.

The deal announced Tuesday in U.S. Bankruptcy Court in Detroit means that Plastech was to start making the interior and exterior parts on its second shift Tuesday afternoon, allowing Chrysler to restart production at the factories. Plastech has filed for Chapter 11 bankruptcy protection.

GMAC reports $724M loss
in fourth quarter of 2007

NEW YORK — GMAC LLC said Tuesday it lost $724 million in the final quarter of 2007 as the housing slump and disruptions in the credit and capital markets battered the lender’s home mortgage division.

The Detroit-based lender has taken “aggressive actions” to stem the unit’s drag and forecasts a return to profitability in 2008.

The company said its mortgage business Residential Capital LLC, or ResCap, lost $921 million during the quarter, marking its fifth straight quarterly loss.

Associated Press