GM Bankruptcy watched by Stillwater Mining

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By The Associated Press

Story Published: Jun 1, 2009 at 7:40 PM MDT

Story Updated: Jun 1, 2009 at 7:40 PM MDT

BILLINGS - An official at Stillwater Mining Co., which sells platinum and palladium for use in automobiles' catalytic converters, says the company is monitoring the General Motors bankruptcy to see if Stillwater-GM contracts will be honored.

Stillwater Mining spokesman John Beaudry says all the palladium and 70% of the platinum produced by the company's mine near Nye, in south-central Montana, is committed for filling contracts with GM and Ford.

With GM facing a sweeping reorganization, Beaudry said Stillwater could be hurt if its contract is modified as the automaker's case moved through U.S. Bankruptcy Court. Stillwater, which has offices in Columbus west of Billings, last month reported a first-quarter loss of $11.6 million on revenues of $85.8 million.

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