The Week in Review (July 13-17, 2009) - aftermarketNews

The Week in Review (July 13-17, 2009)

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.

News that no additional bidders came forth to submit alternative proposals to acquire Delphi Corp. was the most read story this week on aftermarketNews.com.

On Friday, the company was expected to face an assets auction, with the winning bid proceeding to a critical sales hearing July 23, according to the Detroit News.

On June 1, Delphi announced its plan to emerge from Chapter 11 reorganization through either a modified reorganization plan or sale under Section 363 of the Bankruptcy Code through which Parnassus Holdings II LLC, an affiliate of Platinum Equity would operate Delphi’s U.S. and non-U.S. businesses with emergence capital and capital commitments of approximately $3.6 billion.

Genuine Parts Co. reported sales totaling $2.5 billion in the second quarter, a 12 percent decrease from the same period a year ago (the automotive group reported a 5 percent decrease). Net income for the quarter was $103.6 million, a decrease of 22 percent from $133.1 million recorded in the same period of the previous year.

In other bankruptcy notices, J.L. French Automotive Castings Inc. reported it has filed for Chapter 11 bankruptcy protection. The company announced plans to reduce its secured debt from approximately $280 million to approximately $65 million via debt-for-equity swaps with first and second lien term loan lenders.

Chrysler Financial announced Wednesday the company had repaid in full the $1.5 billion in Troubled Asset Relief Program (TARP) money borrowed from the federal government in January. Chrysler Financial used the TARP loans to fund more than 85,000 consumer loans to support the sale of Chrysler, Jeep and Dodge vehicles for Chrysler LLC.

And the Aftermarket Auto Parts Alliance released the industry’s first electronic parts catalog for the Mexico market. The Alliance selected WHI Solutions to develop ALLeCat, the exclusive private label electronic parts application catalog for its 10 Mexico shareholders.

You May Also Like

Blink Charging UK, Evri Collaborate to Electrify Courier Fleet

EV chargers installed at Rugby enhance Evri’s sustainability efforts, supporting a greener future in parcel delivery across the UK.

blink_rugby_398-1400

Blink Charging UK, a subsidiary of Blink Charging Co., is working with Evri, the UK's largest parcel delivery company, to install electric vehicle (EV) charging hubs at Evri facilities, starting with a site in Rugby, UK. The installation at Rugby is part of a broader initiative to add EV chargers at various Evri locations throughout the UK, aiming for net-zero emissions by 2035. Evri chose Blink Charging for its reliable, scalable EV equipment and expertise in fleet operations, the companies noted in a press release.

Brembo Reaches 75% Renewable Energy Use Globally

The company’s CO2 emissions fall as Brembo presents activities and results achieved in every area of ESG.

brembo hackathon
Rotating Electrical: Revolving and Evolving

Higher compression ratios, increased accessory electrical loads, and the move toward hybridization and emissions compliance have brought many changes to the design and requirements of these rotating electrical components.

Rotating Electrical: Revolving and Evolving
The Purge: Flushing & Filling the Coolant

This job isn’t needed as often as it used to be, but it’s still important.

The Purge Flushing & Filling the Coolant
The Impact of Trade and Tariffs on the Aftermarket

While there are numerous components that make up “landed costs,” duties, taxes and tariffs are a huge factor and can often be a detriment to global trade, says Thomas Cook, managing director at Blue Tiger International.

Other Posts

ASE President Releases April Message

New ASE Chairman Tom Trisdale says 2024 is a year of action for ASE as the challenges of repairing vehicles and the pressures facing technicians have never been greater.

ASE President Tom Trisdale message to the industry
Goodyear Names New Americas Unit President

Ryan Waldron joined Goodyear in 2003, serving in leadership roles in finance and supply chain for multiple North America business areas.

Goodyear Names New Americas Unit President
Bartec TPMS Announces Addition to Field Service Team

Joe Miller has been involved in the automotive industry his entire career, starting in the family automotive shop, and over the years working his way through all the shop positions.

BARTEC TPMS
Grote Names Star Safety Technologies’ Regional Sales Manager

Gunther Hochapfel brings more than 18 years of experience in the safety and warning technology industry to the company.