Bankruptcy Court Confirms Hayes Lemmerz Reorganization Plan
On Nov. 3, Hayes Lemmerz International announced that the United States Bankruptcy Court for the District of Delaware has confirmed the proposed plan of reorganization filed by the wheel manufacturer in July. Now that the go-ahead has been given, Hayes Lemmerz expresses confidence that the plan will significantly improve its balance sheet and reduce leverage,
More on GPX Bankruptcy, Alliance Acquisition
According to a news release issued this morning by the management of GPX International Tire Corp., the Malden, Mass.-based tiremaker filed for bankruptcy protection late on Oct. 26. Shortly after the bankruptcy filing, Alliance Tire made an offer – reportedly for $38.3 million – to buy parts of GPX’s operations. Both parties appear positive that
Alliance Tire Buys GPX Out of Bankruptcy
Alliance Tire Group has signed an agreement to purchase certain assets from GPX International Tire Corp., which had previously filed for bankruptcy protection. Terms of the deal were not announced, and the sale is expected to close by Dec. 31, pending approval by the bankruptcy court. GPX had filed for re-organization under Chapter 11 of
Accuride Restructures Debt, Files for Bankruptcy
Tyres & Accessories – Truck wheel-maker Accuride Corp. has settled on a “debt restructuring agreement” that will result in the voluntary filing of Chapter 11 bankruptcy. Accuride secured $50 million “debtor-in-possession” credit facility to enable normal business to continue while in bankruptcy, accoridng to the company. Upon making the announcement on Oct. 8, Accuride provided
Auto Supplier Cooper-Standard Declares Bankruptcy
(Michigan Business Review) Novi-based Cooper-Standard Automotive Inc. said Monday it has filed for Chapter 11 bankruptcy reorganization, making it the latest major U.S. auto supplier to seek refuge in bankruptcy court amid a massive industry contraction.
Proliance Files for Chapter 11
(Aftermarketnews.com) Proliance International filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.
GM Files C11, Chrysler Sale OK’d
Once mighty General Motors formally filed for Chapter 11 bankruptcy protection in New York this morning.
Hayes Lemmerz Files Chapter 11 Again
Yesterday afternoon Hayes Lemmerz, the world’s largest wheel manufacturer, filed for Chapter 11 bankruptcy protection for the second time this decade.
US bankruptcy filings up 31% in 2008
(Financial Post) U.S. bankruptcy filings surged 31% in 2008 as both businesses and consumers struggled to make ends meet in a worsening economy, according to court data released on Thursday.
Autobacs Strauss Files for Bankruptcy
(Reuters) Autobacs Strauss Inc., a subsidiary of Japanese auto parts retailer Autobacs Seven, filed for Chapter 11 bankruptcy protection in a Delaware court in early February.