Cooper-Standard files for bankruptcy protection
Bankruptcy
Automotive parts maker Cooper-Standard Holdings Inc filed for Chapter 11 bankruptcy protection on Monday, saying it could not repay its debt amid a drop in U.S. auto sales.
The maker of auto body sealing systems and fluid handling systems said it had outstanding debt of about $1.17 billion.
"As a result of the severe downturn in the automotive industry and the accompanying decrease in production volumes, the company is overleveraged," Cooper-Standard said in court filings.
Cooper-Standard has received a commitment for $175 million in debtor-in-possession financing, which will help fund operations while it restructures in bankruptcy court. The Novi, Michigan, company has a commitment for an additional $25 million in the form of a standby uncommitted single-draw term loan facility.
The financing is subject to court approval.
Cooper-Standard, which employs about 16,000 worldwide, makes door, body and sunroof seals, as well as systems that move fuel and brake fluid throughout a vehicle.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.