Please find below actions following meeting with Mike O’Sullivan, Downstream CFO, on VW exposure.
- to flag to me (then I’ll do the same to Downstream Credit coordinator) any significant change in payment practice or requests for deferred payments
- to keep overdues close to zero
- to collect payment terms and expiry dates of the main contracts
- to collect 2016 expected turnover
As you know we are reassessing VW global credit limit and our request is to increase the limit by $8.6m.
As the new limit approval, together with limits requested by other SPU’s trading with VW, will be done at Downstream level we need to be justify with numbers the request of limit increase.
VW has been put on Downstream watchlist but there is no change so far in our commitment to them as a strategic partner.
Please can you collect these info with high priority.