Sun Capital a creditor in GM bankruptcy

By David Sedore, Palm Beach Business.com

BOCA RATON — A Boca Raton firm is a major creditor in the General Motors bankruptcy case.

Court records show that GM owes Sun Capital Partners, a privately held investment firm, more than $4.7 million, making it the 45th largest unsecured creditor in the case.

The money is owed to Sun Capital portfolio companies within the automotive sector, according to a source familiar with the company. Those companies are: 

  Fluid Routing Solutions
  Kraco Enterprises
  NFP Steering DriveSol
  Powertrain Products
  ThermaSys Corporation
  Vari-Form
  Wabash Technologies

They make a variety of products that include fuel filter systems (Fluid Routing), speed and pedal position sensors and actuators (Wabash Technologies) and radiators, manifolds and other tubing products (ThermaSys).

The automotive companies make up 4 percent of Sun Capital’s overall holdings. The company source said it is uncertain how GM’s bankruptcy will affect the companies within the sector.

Nor is it apparent how much of the $4.7 million they will be able to collect.

Sun Capital owns all of or major stakes in more than 200 companies worldwide, with combined sales of more than $40 billion. Some of its better-known investments include Boston Market, Catalina Lighting and American Standard.

One other Florida company is among GM’s top 50 unsecured creditors: CSX, the Jacksonville-based railroad. It’s owed $8.8 million, making it the 34th largest creditor.

Topping GM’s creditor list: Wilmington Trust, owed $23 billion, and the United Auto Workers, owed $21 billion.

GM filed for bankruptcy reorganization on June 1.