GM Raises Stock Offering Price Range and Increases Size
Convertible preferred stock offering increased by $1 billion.
The AMN Week in Review (June 21-25, 2010)
The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says “News Archives” at the bottom of the page to begin catching up on the latest industry news.
Aftermarket Auto Parts Alliance Announces 2010 Board of Directors
Eli Futerman, Hahn Automotive, will continue his role as chairman. Fletcher Lord Jr., Parts Warehouse, retains his role of secretary, and Rollie Olson, Parts Depot, maintains his position as treasurer.
American Axle & Manufacturing Prices a Public Offering of Common Stock
The common stock is being offered at a price to the public of $7.20 per share for total gross proceeds of approximately $100.8 million.
Federated Member Lafayette Warehouse Celebrates 80th Anniversary
More than 300 customers attended the anniversary celebration with several prizes being awarded, including the grand prize of a big-screen television.
Timken Prices Public Offering of $250 Million Senior Unsecured Notes Due 2014
Net proceeds from the sale of the notes will be used for repayment of the company’s 5.75 percent notes due Feb. 15, 2010.
APSA of Illinois Provides 401(k) Solutions for Automotive Aftermarket Businesses in Illinois
Working with Transamerica Retirement Services and Merrill Lynch, APSA has developed the APSA of Illinois 401(k) Solutions Plan, which will enable small and large businesses alike an opportunity to provide quality retirement benefits with minimal cost to the company.
DURA Emerges from Chapter 11
DURA Automotive Systems has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization, including successfully closing its exit financing facilities and filing associated documentation. In conjunction with its emergence, the company also announced its new board of directors.
Delphi Files Legal Action Against Appaloosa Management and Other Plan Investors
Delphi Corp. has filed complaints against Appaloosa Management L.P. and eight other plan investors and related parties who the company said on Apr. 4 refused to honor their equity financing commitment of up to $2.55 billion and refused to participate in the closing that would have led to Delphi’s successful emergence from Chapter 11 last month. Delphi’s court filing alleges that the plan investors schemed to avoid their obligations rather than fulfill them.
Delphi Nears Deadline to Get Exit Loans
Auto parts maker Delphi Corp. faces a Friday deadline to get the loans it needs to exit bankruptcy, and at the same time, former parent General Motors Corp. is said to be in talks to take an even greater share of its pension obligations. Delphi needs to secure $6.1 billion in exit financing to meet the requirements of a plan by investors to invest as much as $2.55 billion in the reorganized company. A Delphi lawyer said earlier this week that the company expects to get the loans it needs in time.