UPDATE: ARI and its Subsidiaries Abruptly Shut Down
Yesterday, aftermarketNews.com broke the news that Bedford, NH-based Car Component Technologies (CCT), Inc., owned by ARI, unexpectedly shut its doors and filed for Chapter 7 bankruptcy on Wednesday. Almost simultaneously, reports were coming in that a similar situation was taking place at ARI’s Ananheim, CA, unit, Automotive Caliper Exchange.
Automotive Suppliers Applaud Queens County, NY, Counterfeiting Arrests
The recent arrest of a Queens County, NY, automotive parts wholesaler on trademark counterfeiting is being lauded by the Motor & Equipment Manufacturers Association (MEMA). The case involves a wholesale parts dealer already under indictment for trademark counterfeiting.
Midas Signs New Unsecured Credit Agreement
Midas has signed a new five-year credit agreement with its existing bank group for an unsecured $110 million revolving credit facility.
New Life in the Aftermarket
Pricey auto accessories like Lamborghini-style flip-up doors, 24-inch rims and 10-inch television screens are fueling the latest spending craze in the automotive industry, with young enthusiasts and old hot-rodders alike “pimping out” their cars. It’s a booming $31.5-billion-a-year business, whose customers no longer fit the stereotypical image of street thugs, hip-hop stars and celebrities.
CORSA Performance Renews Sponsorship of Powell Motorsport Cadillac CTS-V Team
CORSA Performance Exhausts has stepped up in 2005 as primary sponsor of the two-car Powell Motorsport Cadillac CTS-V Team, which competes in the Grand American Road Racing Association’s Grand-Am Cup Series.
Delphi Completes $2.8 Billion Refinancing Plan
Delphi announced yesterday it has completed its $2.8 billion refinancing plan, comprised of a $1.8 billion secured revolving credit facility and a $1 billion secured term loan. The company said it believes the completion of this refinancing plan will provide access to sufficient liquidity to continue to address its U.S. legacy cost issues during the current low GM North American production environment.
U.S. Steps Up Public Campaign Against China’s Pirated Products
U.S. Commerce Secretary Donald Evans publicly backed General Motors Corp.’s claims that a Chinese auto maker is using stolen design information to build a rival car, underscoring how increasingly sophisticated Chinese piracy is threatening foreign businesses and roiling trade relations.
Tower Takes Out GE Loan
Tower Automotive Inc., the biggest maker of vehicle frames, obtained a $50-million loan from a unit of General Electric Co. to help make up for a cash shortfall as customers stop paying in advance for parts. The Novi, Mich.-based company, which has posted losses in four of the last five quarters, will get about $44 million from GE Commercial Finance, using accounts receivable as collateral, according to a statement Tuesday.
Manufacturing Isn’t the Only Way to Make a Buck
Just because Americans aren’t making things anymore doesn’t mean they can’t find work. Here’s a list of the five hot new jobs for 2005.
Intermet in Credit Deal
Intermet Corp., a Troy, Mich., auto supplier, said that it entered a credit agreement with Deutsche Bank Trust Co. Americas and Bank of Nova Scotia for a $60-million debtor-in-possession credit facility.