TROY, MI — Oxford Automotive last week announced its successful emergence from Chapter 11 Bankruptcy Protection. Oxford filed for protection in early December 2004 with the U.S. Bankruptcy Court for the Eastern District of Michigan.
Oxford’s reorganization plan provides for the sale and/or liquidation of its North American businesses, while preserving its successful European operations. Oxford Automotive will continue to operate exclusively in Europe under the direction of a newly appointed board and ownership.
“Our strategy to emerge from Chapter 11 is a success,” said David Treadwell, CEO of Oxford. “We sold the majority of our North American plants as ongoing operations, thus retaining jobs and avoiding any disruption for our customers. Considering the challenges within the supplier industry, this is a very good resolution that was completed in an expedited process.”
Of Oxford’s 10 U.S. plants, six have been sold and four have been or will be liquidated. The six plants that were sold continue as ongoing operations.
Treadwell, CEO of Oxford since August of 2004, will leave the company after it emerges from bankruptcy. He will serve as a director of the reorganized Oxford Europe board. Treadwell was named CEO to restructure the company and retain maximum value on behalf of Oxford creditors.
