UPDATE 1-J.L. French files for Chapter 11 protection

Mon Jul 13, 2009 3:49am EDT
 
[-] Text [+]

* Lists assets and liabilities in range of $100-500 mln

* About 95% of 2008 revenue from GM, Ford, Chrysler, Magna

* Receives commitment of up to $15 mln in DIP financing (Adds further details)

July 13 (Reuters) - J.L. French Automotive Castings Inc, a U.S. maker of aluminum die-cast auto parts, filed for Chapter 11 bankruptcy protection on Monday, saying it was "over-leveraged with an unmanageable debt load."

In a filing with the U.S. District Court for the District of Delaware, the company listed both estimated assets and estimated liabilities in the range of $100 million to $500 million.

The filing adds to a string of recent failures of auto parts suppliers, reflecting the pressure on the sector from sharply curtailed production and bankruptcies at automakers General Motors Corp GMGMQ.PK and Chrysler LLC.

The Sheboygan, Wisconsin-based company said in an affidavit that about 95 percent of its 2008 sales revenue came from General Motors, Chrysler, Ford Motor Co (F.N) and Magna International Inc (MGa.TO).

J.L. French, which had previously filed for bankruptcy in 2006, said it received commitments of up to $15 million in debtor-in-possession financing. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Greg Mahlich)

 
Actors Vincent Curatola (L), Steven Van Zandt (C) and Tony Sirico from "The Sopranos" arrive at the 14th annual Screen Actors Guild Awards in Los Angeles January 27, 2008. REUTERS/Mario Anzuoni
Wall St meets "The Sopranos"

Details of an alleged insider trading ring read like the script of a mobster drama, full of coded nicknames, disposable cell phones and paranoia about informants. But in the end, all of the precautions were for naught.  Full Article 

More News

Featured Broker sponsored link

REUTERS/Chip East
Insider sales not a sell signal this time

Corporate bosses are likely to sell more of their companies' stock through the end of the year, but that does not mean stock prices have reached a peak.  Full Article