Accuride makes parts and accessories for commercial trucks. Due to the recession and environmental law changes, demand for new trucks is very low at the moment. The company is basically surrendering itself to the Private Equity firms and lenders to whom it owes money via chapter 11 bankruptcy..
Archive for the ‘Bankruptcy Watch’ Category
Bankruptcy Watch – Accuride
Thursday, October 8th, 2009Unbankruptcy Watch – Delphi
Wednesday, October 7th, 2009After 4 years, Delphi (the parts maker for GM) is out of bankruptcy.
Before you get a thrill running up your leg, basically the deal is that GM is taking back its domestic parts plants (which were spun off from GM around 20 years ago), and the non-US plants are being given to the debtholders for what Delphi owed them (about $3 Billion)
During GM’s spiral downward, they had plowed about $12.5 billion into Delphi to try to keep it alive – without Delphi parts, there are no GM cars.
So our Government Motors car company lurches forward. What will be very interesting is the next time the UAW’s contract is up and the “workers” end up negotiating with their own union leadership “management” – with the U.S. taxpayers footing the bills for the next time GM fails.
Bankruptcy Watch – Canwest
Tuesday, October 6th, 2009Canwest Global Communication – Canada’s largest Newspaper and private TV company has filed for bankruptcy. Their most well known asset is the National Post newspaper.
Bankruptcy Watch – Jolt Cola
Tuesday, September 29th, 2009College students all over the country are now in panic mode…
The reason behind this filing is that Jolt promised to buy 90 million cans from a supplier and sales are nowhere near what they were hoping for.
Bankruptcy Watch – Holley
Monday, September 28th, 2009Holley Performance Products – the maker of carburetor and fuel injection systems becomes the next bankruptcy case in the automobile related business sector. This is not their first time in Chapter 11, but sales are down 40% this year.
Bannkruptcy Watch – Simmons
Friday, September 25th, 2009Simmons, the mattress folks have filed Chapter 11 bankruptcy. The bedding business is being transferred to a teacher’s pension fund as part of a prepackaged bankruptcy.
Bankruptcy Watch: Triple Crown Media
Monday, September 14th, 2009http://www.forbes.com/feeds/afx/2009/09/14/afx6882390.html
Not much here – just one more newspaper owner filing chapter 11. Their biggest newspaper is in Albany, NY
Bankruptcy Watch – Freedom Communications
Monday, August 31st, 2009http://online.wsj.com/article/SB125166593642570507.html
The operator of the Orange County (California) Register is preparing to join the string of major newspapers who have filed for bankruptcy. When all the newspapers are dead, where will Matt Drudge get his news?
Not to worry, the Obama administration is starting to put together a task force to study how to “fix” the newspaper business. Maybe they’ll create a government run news service to keep us informed on what we need to know.
Bankruptcy Watch – Reader’s Digest
Monday, August 17th, 2009The publisher of Reader’s Digest plans to go through an orderly bankruptcy proceding to get out from under $1.6 billion in debt. It’s hard to see how Reader’s Digest has much of a future as a paper magazine. For much of its history, Reader’s Digest did not accept advertisements and was funded entirely by the subscription fees and consumer point of purchase sales.
The bankruptcy should not affect publication of the magazine, at least for now – and doesn’t involve the company’s non-U.S. subsidiaries
Bankruptcy Watch – Cooper-Standard
Monday, August 3rd, 2009Cooper-Standard is another automotive parts supplier declaring Chapter 11 today. From the Forbes story, it sounds like Ford is their main customer – they hope to dump about $600 million in debt by going though the bankruptcy.