Wegner Motor Sports, Inc. Files For Chapter 11

Debtor Name:  Wegner Motor Sports, Inc.

Year Filed:  2010

Jurisdiction:  United States Bankruptcy Court / Eastern District of Wisconsin

Asset Size:  Less than 10,000,000

Case Number:  10-21622

Industry:  Automobile/Auto Parts/Services, Manufacturing

Search our database at www.chapter11library.com

 

 

Plan Confirmed in Lear Corporation Case

Debtor Name:  Lear Corporation

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Southern District of New York

Asset Size:  Over 1 Billion, but less than 5 Billion

Case Number:  09-14326

Industry:  Automobile/Auto Parts/Services, Manufacturing

SOUTHFIELD, Mich., Nov. 5 /PRNewswire-FirstCall/ -- Lear Corporation, a
leading global supplier of automotive seating systems, electrical distribution
systems and electronic products, today announced that the U.S. Bankruptcy
Court of the Southern District of New York has entered an order confirming the
Company's Plan of Reorganization, clearing the way, after only four months,
for Lear to emerge from bankruptcy.  An overwhelming majority of all voting
classes voted in favor of the Company's Plan of Reorganization.

"Today's confirmation is an important milestone for Lear," said Bob Rossiter,
Lear's Chairman, Chief Executive Officer and President.  "Thanks to the
diligent work of our employees and the tremendous support we have received
from our customers, suppliers, secured lenders, bondholders and others, we
have moved through the restructuring process expeditiously." 

Mr. Rossiter added, "Upon emergence, we will have substantially lower debt, a
strong and flexible balance sheet and in excess of one billion dollars in
cash.  This capital restructuring, combined with the significant operational
restructuring we have completed since mid-2005, positions our Company for
profitable growth and long-term success."

Lear expects the Plan of Reorganization to become effective on November 9,
once all closing conditions have been met.

The Company has filed an application with the New York Stock Exchange (NYSE)
to list its new common stock under the ticker symbol "LEA."  Subject to the
approval of Lear's application, Lear expects that its new common stock will
begin trading on the NYSE on a "when issued" basis (LEA WI) on or about the
effective date of the Plan of Reorganization and commence "regular way"
trading as soon as possible thereafter.

At today's confirmation hearing, the Honorable Judge Allan L. Gropper affirmed
that Lear has met all of the necessary statutory requirements to confirm its
Plan of Reorganization and exit from Chapter 11.  This ruling applies to all
of Lear's operations in the U.S. and Canada that were included in the
bankruptcy cases.  Lear's other subsidiaries were not a part of any of the
bankruptcy proceedings.

Recent Auto-Related Chapter 11 Filings

Download Auto-Related 11s for a list of October auto-related chapter 11 filings.

Source: www.chapter11library.com

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Recticel North America, Inc. Files For Chapter 11

Auburn Hills, MI-based, Recticel North America, Inc. filed for chapter 11 bankruptcy yesterday at the United States Bankruptcy Court for the Eastern District of Michigan. 

Debtor Name:  Recticel North America, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Eastern District of Michigan

Asset Size:  10,000,000 to 100,000,000

Case Number:  09-73411

Industry:  Automobile/Auto Parts/Services, Manufacturing

Source:  www.chapter11library.com

 

Edscha North America, Inc. Files For Chapter 11

Debtor Name:  Edscha North America, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Northern District of Illinois

Asset Size:  Less than 10,000,000

Case Number:  09-39055

Industry:  Automobile/Auto Parts/Services, Manufacturing

According to Court documents, the debtor has $672 million in liabilities.

Click here to download the petition with the schedules attached.

Source:  www.chapter11library.com

 

 

Shumate, Inc. Files For Chapter 11

Debtor Name:  Shumate, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Eastern District of Washington

Asset Size:  10,000,000 to 100,000,000

Case Number:  09-05079

Industry:  Automobile/Auto Parts/Services, Retail

Based in Kennewick, WA.

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FormTech Industries, LLC Files For Chapter 11

Debtor Name:  FormTech Industries, LLC

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / District of Delaware

Asset Size:  100,000,001 to 500,000,000

Case Number:  09-12964

Industry:  Automobile/Auto Parts/Services, Manufacturing

Source:  www.chapter11library.com

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Auto Cast, Inc. Files For Chapter 11

Debtor Name:  Auto Cast, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Western District of Michigan

Asset Size:  Less than 10,000,000

Case Number:  09-9958

Industry:  Automobile/Auto Parts/Services, Manufacturing

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TAG Motors, Inc. Files For Chapter 11

Debtor Name:  TAG Motors, Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Western District of Pennsylvania

Asset Size:  Less than 10,000,000

Case Number:  09-25747

Industry:  Automobile/Auto Parts/Services, Retail

Search our database at www.chapter11library.com

Cooper-Standard Automotive Inc. Files For Chapter 11

Debtor Name:  Cooper-Standard Automotive Inc.

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / District of Delaware

Asset Size:  Over 1 Billion, but less than 5 Billion

Case Number:  09-12744

Industry:  Automobile/Auto Parts/Services, Manufacturing

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Lear Corporation Files For Chapter 11

Lear Corporation filed for chapter 11 today:  $1.27 billion in assets/ $4.53 billion in debts (petition)

Debtor Name:  Lear Corporation

Year Filed:  2009

Jurisdiction:  United States Bankruptcy Court / Southern District of New York

Asset Size:  Over 1 Billion, but less than 5 Billion

Case Number:  09-14326

Industry:  Automobile/Auto Parts/Services, Manufacturing

Search our database of 5000 Chapter 11 filings at www.chapter11library.com

 

 

Proliance International, Inc. Files For Chapter 11

Proliance International, Inc. filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court in Delaware.  The New Haven- based automotive parts manufacturer's petition lists $160.3 million in assets and $133.5 million in debts.  Enterex Industrial Co. Ltd. and Transtec Global Group are listed as the largest unsecured creditors.

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Grede Foundries, Inc. Files For Chapter 11

Grede Foundries, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Western District of Wisconsin.  The debtor, based in Milwaukee, listed $144 million in assets and $148 million in debts on its petition.  Additionally, the petition lists a $33.7 million claim belonging to the Grede Employee Retirement Plan as the largest unsecured claim.

The debtor is a producer of iron and specialty metal parts serving the automotive industry.

Search for other Chapter 11 filings at www.chapter11library.com

Global Safety Textiles Holdings LLC Files For Chapter 11

Global Safety Textiles Holdings LLC filed for chapter 11 bankruptcy today at the United States Bankruptcy Court in Wilmington, DE.  The automotive safety textile manufacturer's petition lists assets and liabilities as between $100 and $500 million.

Court filings for the Greensboro-based debtor list Dow Corning Corporation and Bradford Industries as the largest unsecured creditors.

Search our database of over 4400 cases at www.chapter11library.com

Fort Wayne Foundry Corporation Files For Chapter 11

Fort Wayne Foundry Corporation filed for Chapter 11 bankruptcy protection today at the US Bankruptcy Court for the Northern District of Indiana. The Fort Wayne, IN-based debtor listed assets in the range of $10 to $50 million and liabilities of $1 million to $10 million. The largest unsecured creditor is Hitachi Automotive Produc which is owed nearly $3.76 million. Other top unsecured creditors include Alimar Corp, Triangle Industrial Sales and Ward Heat Treating.

The debtor is a manufacturer of high quality aluminum sand castings. For more information, click here to download the key documents, including the creditor matrix. 

General Motors Corporation Files For Chapter 11

General Motors Corporation filed for chapter 11 bankruptcy this morning at the United States Bankruptcy Court for the Southern District of New York.  The debtor and its subsidiaries manufacture and market cars, trucks and related parts worldwide.  Brands include, but are not limited to, Buick, Saab, GMC, Pontiac, Cadillac and HUMMER.

General Motors Corporation's petition lists approximately $82.3 billion in assets and $172.8 billion in liabilities, including approximately $26.3 billion in unsecured debt securities.   The consolidated list of unsecured creditors lists Wilmington Trust Company, UAW and Deutsche Bank AG, London (as fiscal agent) as the largest unsecured creditors.

According to Chevrolet-Saturn of Harlem, Inc. petition (wholly-owned subsidiary of GM):

The debtor has appointed Albert A. Koch as Chief Restructuring Officer.  Additionally, the debtor has filed applications to employ Weil Gotshal & Manges LLP and Jenner & Block LLP as attorneys; Honigman Miller Schwartz and Cohn LLP as special counsel; AP Services LLC as restructuring advisor; Evercore Partners, Inc. as financial advisor and The Blackstone Group LLP as investment banker.

Metaldyne Corporation Files For Chapter 11

Metaldyne Corporation filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in Manhattan yesterday.  The Plymouth, Michigan based debtor is a provider of metal based products for the light vehicle market.

Currently, the debtor has approximately 4,500 employees, with about 2,500 of those in the United States. These figures are down significantly from December 2007 when the debtor employed approximately 6,500 employees with about 4,000 of those in the US.  According to the petition, the debtor has between $500 million and $1 billion in both assets and liabilities. The debtor’s unsecured creditors include Chrysler Motors LLC and Ford Motor Company.  Download the petition to acquire a listing of the 50 largest unsecured creditors.

Click here to download key documents, including the Affidavit of the CEO in Support of First Day Motions.  

Visteon Corporation Files For Chapter 11

Visteon Corporation filed for chapter 11 bankruptcy protection yesterday at the US Bankruptcy Court for the District of Delaware.  Numerous affiliated debtors also filed for chapter 11 bankruptcy protection in the same jurisdiction this morning.  The debtor is a supplier of automotive systems, modules and components to vehicle manufacturers.

Visteon Corporation’s petition lists assets of nearly $4.6 billion and debts of approximately $5.3 billion.  The petition lists the number of common stock shares in the company at just over 131 million shares.  Pardus Capital Management L.P. and Donald Smith & Co., Inc. own or control with power to vote 22.96% and 6.55% of the shares, respectively.    Download the source documents, including the Declaration of the CFO in Support of First Day Pleadings, here. 

Chrysler LLC Files For Chapter 11

Chrysler LLC filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court for the Southern District of New York.  The automotive manufacturer is based in Auburn Hills, MI.  Ohio Module MFG CO LLC is listed as the largest unsecured creditor with a trade claim of $70.3 million.

Noble International, Ltd Files For Chapter 11

Noble International , Ltd. and numerous related entities filed for chapter 11 today at the United States Bankruptcy Court for the Eastern District of MI.  Whitebox Combined Partners, L.P. is listed as the largest unsecured creditor.  ArcelorMittal S.A. is listed as the largest equity holder.  The debtor is based in Warren, MI and represented by Foley & Lardner LLP of Detroit.

The debtors are providers of formed structures to automotive original equipment manufacturers and their suppliers, for use in automobile applications.  They operate seven production facilities in the US with approximately 821 full-time employees.  For the fiscal year ended December 31, 2008, the debtors had sales of approximately $374 million.

David's Auto Shredding, Inc. Files For Chapter 11

On April 3^rd David’s Auto Shredding, Inc. filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court for the Southern District of Alabama.  The petition lists $1-10 million in liabilities.  The debtor, a metal shredding plant is located in Mobile, AL.
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Champion Motor Group, Inc. Files For Chapter 11

It's no easy task selling a Bentley or Lamborghini nowadays.  Champion Motor Group, Inc. filed for chapter 11 bankruptcy protection on Thursday at the United States Bankruptcy Court for the Eastern District of New York.  The debtor is based in Jericho, New York and represented by Robinson Brog Leinwand Greene et. al.

Bentley Long Island and Lamborghini Long Island are divisions of Champion Motor Group.  The debtor has been in business since 1988.  Court documents indicate that the debtor's financial difficulties were caused by the general economic climate and litigation by Manufacturers and Traders Trust Company, seeking seizure of automobiles.

Platinum Motors LLC Files For Chapter 11 (Santa Ana, CA)

Platinum Motors LLC filed for chapter 11 yesterday at the United States Bankruptcy Court for the Central District of California.  The debtor, based in Santa Ana, listed between $10 and $50 million in assets on its petition. 

Fleetwood Enterprises, Inc. Files for Chapter 11

Fleetwood Enterprises, Inc. filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Central District of CA.  The debtor is a producer of manufactured housing and recreational vehicles.  The petition lists approximately $560 million in assets and $624 million in debts.  The largest unsecured creditors are listed as Bank of America, Caspian Capital Management, LCC and Angelo, Gordon & Co., LP.

Deuce McAllister Nissan of Jackson, LLC Files For Chapter 11

Deuce McAllister Nissan of Jackson, LLC filed for chapter 11 bankruptcy today at the United States Bankruptcy Court for the Southern District of Mississippi.  The Jackson dealership's bankruptcy petition lists between $1 and $10 million in assets and liabilities.