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.
Related listings
-
Station Casinos files for Ch. 11 protection
Bankruptcy 07/29/2009Station Casinos Inc. voluntarily filed for Chapter 11 bankruptcy protection Tuesday, after the casino operator and its bondholders failed to reach a full agreement during months of negotiations. The company, which blamed the faltering economy for a f...
-
Lear files for Chapter 11 bankruptcy protection
Bankruptcy 07/07/2009Struggling automotive parts supplier Lear Corp. said it has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders.The company, which makes automotive seating systems and electronics, had been ne...
-
GM bankruptcy plan gains approval
Bankruptcy 07/06/2009General Motors cleared a major hurdle toward a quick exit from bankruptcy as a judge approved a government-backed plan to create a "new GM" that sheds major debts of the ailing Detroit automaker.The ruling released late Sunday paves the way for a "re...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .