Mexican Media Brands
Chassix Files Chapter 11, Plans Fast-Track Restructuring
Chassix Holding Inc., a Southfield, Mich.-based privately held supplier of automotive precision castings and machined parts, has filed for Chapter 11 bankruptcy protection as it implements a pre-negotiated restructuring.
#legal
Share
Chassix Holding Inc., a Southfield, Mich.-based privately held supplier of automotive precision castings and machined parts, has filed for Chapter 11 bankruptcy protection as it implements a pre-negotiated restructuring.
The $1.9 billion company, which is owned by Platinum Equity LLC, has arranged $250 million in debtor-in-possession financing. The restructuring plan also includes a debt-for-equity swap to reduce debt obligations.
Chasix blames its woes on a sudden surge in business that overwhelmed its production capabilities. It says equipment failures generated daily losses of $350,000 or more in the fourth quarter.
The two-year-old company makes suspension control arms, steering knuckles, transmission components, driveline yokes and wheel hubs. Its operations in Brazil, China, France, Mexico and Spain are not part of the Chapter 11 proceedings.
RELATED CONTENT
-
Grand Jury Indicts Former FCA Executive In Union Payoff Scheme
A former labor relations executive at Fiat Chrysler Automobiles NV has been charged with making more than $2.2 million in illegal payments to himself and a United Auto Workers union official in Detroit.
-
U.S. Lawsuit Says Bosch Conspired with VW on Cheater Diesels
A U.S. lawsuit claims Robert Bosch GmbH conspired with Volkswagen AG to equip diesel-powered vehicles with software to cheat emission tests.
-
Tesla Sued Over Fatal Crash of Car in Autopilot Mode
Tesla Inc. has been sued by the family of a California man whose Tesla Model X crossover vehicle crashed into a highway barrier last year while the car was operating in semi-autonomous Autopilot mode.