The manager of General Motors Corp.’s employee stock fund sold all shares of GM stock on fears the company could be forced to file for bankruptcy in the coming weeks, the automaker said Friday.
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Progressive Molded Products Inc. filed for bankruptcy protection on Friday in Wilmington Delaware. According to court documents the firm is owned by Boston buyout firm Thomas H. Lee Partners LLC.

Sources close to the deal say the company had debts upwards of $500 million with assets of $50 million. Most of the liability has come from the recent takeover by the Boston firm 2 years ago.

Investor Wilbur Ross, who bought the assets of Collins & Aikman Corp, which went chapter 11 last year says the industry has way too much capacity for it’s size.

It is also noteworthy, that manufacturers have not been able to pass on higher resin costs, as the automotive industry as a whole happened to be in a downturn.

In 2001 Progressive was Supplier of the Year at General Motors, which is a very prestigious title for any company to achieve.