DETROIT -- General Motors Corp. is suing a bankrupt parts supplier in an effort to recoup parts and equipment it needs to build the new Chevrolet Camaro muscle car -- and avoid another potentially costly setback.

The auto maker, struggling to stay afloat amid a crippling liquidity crisis, said it stands to lose millions of dollars if the parts and tooling aren't returned immediately by Cadence Innovation LLC, of Troy, Mich.

Without...