Executive Interview with Michael Tate, General Manager, MAHLE Clevite Inc.
In September, Michael Tate joined MAHLE Clevite as general manager. He brings 26 years of aftermarket experience to MAHLE Clevite, most recently with SPX Service Solutions. In addition to SPX, Tate held a variety of sales management positions with such companies as Parker Automotive, Dorman Products and Phillips & Temro Industries. As GM of MAHLE Clevite, Tate has management responsibility for all North American Aftermarket activities for the MAHLE Group, which includes MAHLE Clevite Inc., MAHLE Clevite Canada, ULC and the Aftermarket division of MAHLE Componentes de Motores S.A. de C.V.
Cerberus Drops $4 Billion Chrysler Bond As Credit Crunch Bites
The credit market crisis is causing three headaches for Cerberus Capital, the private equity firm named after the mythical, many-headed hound of Hades. The firm was yesterday working on a turnaround plan for its GMAC Finance business, which it partly owns with General Motors and whose residential mortgage business is perilously close to breaching debt covenants that could result in its tipping over into bankruptcy. At the same time, financiers for Chrysler, the carmaker purchased by Cerberus earlier this year, were forced to abandon a $4 billion bond sale, raising fears that investors are turning their backs on the market for loans from highly leveraged private equity-owned companies. The news came a day after Cerberus was sued in a U.S. court over its attempt to wriggle out of another leveraged buy-out deal it signed in the summer.
Herman Trend Alert: The Effects of Fear
From “Herman Trend Alert,” by Roger Herman and Joyce Gioia, Strategic Business Futurists GREENVILLE, SC — Fueled by the publicity frenzy the press is enjoying, the current volatility in world financial markets is affecting many people at all levels of our societies. From the employees’ point of view, this uncertainty engenders insecurity. What will happen
Goodyear Planning Further Investments in Growth; Announces Debt Repayment Plans
The Goodyear Tire & Rubber Co. said today that it is planning major global investments to fuel growth and plans to repay additional debt, both made possible by the recent sale of its Engineered Products business and the company’s successful equity offering. Goodyear said it is considering potential new tire factories in Eastern Europe and Asia in addition to the company’s previously announced intent to invest in existing tire factories to increase high-value-added capacity by 40 percent globally and increase capacity in existing low-cost plants by 33 percent. Together, these investments would drive the company toward its strategy of having 50 percent of its global capacity in low-cost countries by 2012.
Collins & Aikman to Sell its Soft Trim Business
Collins & Aikman has signed an asset purchase agreement with International Automotive Components Group North America Inc. (IAC NA) for the sale of the company’s North American automotive flooring and acoustic components business. The sale includes 16 facilities in the United States , Canada and Mexico. The Soft Trim business employs approximately 4,300 people and produces products for all major automakers.
Tower Automotive on Path out of Chapter 11
It’s been a nerve-jangling ride for Tower Automotive and its president and chief executive officer, Kathleen Ligocki, but the Novi, MI-based automotive supplier is poised to climb out of Chapter 11 bankruptcy this summer, making it the largest of the recently bankrupt auto suppliers to emerge.
Blackstone, Cerberus Make Formal Bids for Chrysler
From AFX News Limited LONDON — The Blackstone Group and Cerberus Capital Management, two of the largest U.S. private-equity firms, have made formal bids to buy the Chrysler Group from DaimlerChrysler AG, The Detroit News reported, citing people close to the talks. No details were known about the size of the bids, but the offers were
Federal-Mogul Prepares to Emerge from Bankruptcy
Federal-Mogul announced that on Feb. 2, the Honorable Judith K. Fitzgerald, United States Bankruptcy Court for the District of Delaware, approved the Supplemental Disclosure Statement describing the company’s Fourth Amended Joint Plan of Reorganization. The confirmation hearing with respect to the Amended Plan has been set for May 8.
Collins & Aikman to File First Amended Joint Plan
Collins & Aikman announced Friday it will file with the Bankruptcy Court in Detroit an amended joint plan of Collins & Aikman and its debtor subsidiaries and an accompanying disclosure statement. The filing fulfills one of the company’s obligations under the Customer Agreement, which was approved on an interim basis by the Bankruptcy Court on Dec. 14. The Plan is supported by the agent for the company’s secured prepetition lenders and certain of the company’s major customers. Collins & Aikman will now work toward satisfying various conditions to obtain approval of the Disclosure Statement and Plan, and will ultimately exit Chapter 11 through sales of its assets.
Tower Files Bankruptcy Exit Plan: Three Creditors Would Invest up to $250 Million
Tower Automotive Corp. said Wednesday it is ready to emerge from bankruptcy because three creditors have agreed to invest up to $250 million to help restructure the company. The announcement puts Tower in company with two other large, local auto-parts makers that appear to be close to emerging from bankruptcy-court protection.