Execs Expect to See Significant Rise in Bankruptcies and M&A Activity, Says KMPG Study
Building alternative fuel cars and exploring emerging markets seen as chief opportunities going forward.
Delphi Seeking Bankruptcy Loan Extension
Delphi Corp. is seeking an extension of up to six months for about $4.35 billion in borrowed funds.
Delphi Needs to Raise $4 Billion to Exit Bankruptcy
TROY, Mich. — Delphi Executive Chairman Steve Miller told attendees at the Automotive Supplier Finance Summit in Detroit yesterday that the auto parts supplier needs about $3.5 billion to $4 billion to emerge from Chapter 11. The Troy, Mich.-based supplier plans to raise the money through a mix of debt and sale of stock in
Grant Thornton Report Says Supplier Bankruptcy Risk is High
SOUTHFIELD, Mich. — Lower industry volumes and the massive decline in truck and SUV sales have put as many as one-third of automotive suppliers in North America at risk of bankruptcy, according to the Summer 2008 Automotive Industry Review prepared by Grant Thornton Corporate Advisory and Restructuring Services. At the same time, bankruptcy concerns for
Canadian Plastics Supplier Files for Chapter 11 Bankruptcy
Canadian supplier Progressive Molded Products Inc. filed for Chapter 11 protection late Friday, June 20, listing debts in excess of $500 million and assets of no more that $50 million. Progressive’s filing in U.S. Bankruptcy Court in Wilmington, Del., comes in the shadow of the Feb. 1 bankruptcy filing by giant interior plastic trim supplier Plastech Engineered Products Inc., of suburban Detroit. Plastech, with $1.4 billion in revenue in 2007, has begun liquidating its business under court protection.
Delphi Gets Permission to Increase Bankruptcy Financing
TROY, Mich. — A new report from the Detroit Free Press says that Delphi has been granted permission to increase the size of its bankruptcy loan by $245 million, bringing the auto parts maker’s total bankruptcy financing to $4.35 billion. The move was approved by Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan,
Diamond Glass Wins Final Financing and Auction Sale Approval from Bankruptcy Court
KINGSTON, Pa. — Diamond Glass has won final approval in its Chapter 11 case to borrow $7 million in new debtor-in-possession financing from Guggenheim Corporate Funding LLC. Guggenheim is acting as agent for the senior secured lenders, inclusive of the $3.1 million the company was authorized to borrow on April 2. The court also approved
Diamond Glass Wins Approval From Bankruptcy Court for $7 Million in New Financing
Diamond Glass, which filed for Chapter 11 on April 1, announced that the judge presiding over its Chapter 11 case has approved all of the initial motions presented at its first hearings, including the interim approval of a new $7 million loan facility with Guggenheim Corporate Funding LLC (as agent for the senior secured lenders), and authority to borrow up to $3.1 million from that facility over the next three weeks. The company also won important approvals to pay its employees and continue their benefit programs; continue various customer programs, including the ability to honor customer warranties; and, in the case of the company’s critical vendors, to negotiate agreements with them to ensure that the supply of product to the company continues uninterrupted during the Chapter 11 case.
IRS Files Objection to Holley Bankruptcy
The Internal Revenue Service has filed an objection to the bankruptcy plan of Bowling Green, KY-based automotive parts supplier Holley Performance Products. The IRS said the court should delay confirming Holley’s Chapter 11 bankruptcy plan, so the IRS can have more time to "consider whether its claims are being treated fairly," and examine claims it may hold against the company.
Delphi Bankruptcy Exit on Hold
Delphi asked for an extension of bankruptcy protection Friday as the auto parts maker struggles to find loans in an inhospitable credit market. Delphi, seeking $6.1 billion in loans as credit markets seize up, has asked for a two-month extension. It said earlier that it planned to emerge from Chapter 11 court protection at the end of March.