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Exide files for bankruptcy

On 10 June, Exide Technologies filed for Chapter 11 bankruptcy protection in the US. This is the second time it has done so since the Millennium; in April 2002 the stored electrical solutions company also submitted a Chapter 11 application in the District of Delaware. Exide says it took this step to “facilitate the financial and operational restructuring necessary to strengthen its balance sheet and its business to position the company for future success.” It also says it intends to “become more aggressive in reducing costs, taking actions with respect to underperforming business segments and focusing on the most attractive areas for future growth.” Only the company’s operations in the United States are affected by the filing, and Exide Technologies confirms that it plans to “operate globally without interruption during the reorganisation.”

11th June 2013/12,345 Comments/by Tyrepress Editors

Bad deal ends in bankruptcy for mining tyre supplier

Australian mining tyre supplier Global Tyre Management Services has reportedly entered administration. Business news site SmartCompany.com.au shares information from Deloitte Australia regarding the Maroochydore, Queensland-based firm’s fate; Deloitte partner Richard Hughes said the company ceased trading on 4 April. Its assets, including trucks, tyres, forklifts and property, will most likely be sold off, and the company’s staff of less than ten faces redundancy.

5th April 2012/by Tyrepress Editors

Moscow Tyre Plant hearing postponed

The Russian Legal Information Agency reports that Moscow Commercial Court today posted its hearing of the Moscow Tire Plant’s bankruptcy case until 16 February. The postponement is said to have been instigated as lawyers representing creditors did not produce any evidence justifying their decision to vote for the factory’s bankruptcy. The creditors have claims amounting to 742 million roubles (£15.3 million) in relation to the out of service Moscow Tyre Plant.

19th January 2012/by Tyrepress Editors

And then there were two – ShengdaTech reports Board resignation

China-based nano-precipitated calcium carbonate manufacturer ShengdaTech, which in August filed for bankruptcy under Chapter 11 of the US Bankruptcy Code, reports the resignation of a member of its Board of Directors, Mr. Dongquan Zhang. The resignation took effect on October 8; at the same time, Zhang effectively resigned as a member of all standing ShengdaTech committees. The remaining members of the company's Board of Directors are A. Carl Mudd and Sheldon B. Saidman.

13th October 2011/by Tyrepress Editors

Titan Buys More Denman Machinery

Titan Tire Corporation, a subsidiary of Titan International, Inc bought a second lot of equipment from the bankrupt Denman tyre. According to information from the United States Bankruptcy Court for the Northern District in Ohio, the judge signed the order approving the sale of the Denman Tire machinery and equipment, including other inventory items, for US$3 million. This pricetag appears to be twice the level of earlier reports linking Titan to a further Denman equipment purchase for $1.5 million.

19th July 2010/by Tyrepress Editors

Maine Industrial Tire Wins GPX Solid Tyre Bid

MITL Acquisition Corp., comprised of former GPX International Tire officials and private investors, identified itself as the winning bidder for the solid tyre business sold out of bankruptcy by GPX. The new company will operate as Maine Industrial Tire, and will be led by Bryan Ganz, CEO; Troy Kline, president and COO; and Phil Fitzgerald, director of China operations.

14th December 2009/by Tyrepress Editors

GPX International to Sell Solid Tyre Business

GPX International Tire Corporation CEO Craig Steinke has announced the company’s entry into a “definitive sale agreement for its Solid Tire business and Starbright manufacturing facility in China”. Steinke states “an investor group will partner with members of the management team to purchase the operations and underlying assets of the Solid Tire business.” The transaction will include the MITL, ITL and Brawler brands, as well as the Gorham, Maine; Red Lion, Pennsylvania; and Hebei, China manufacturing facilities.

13th November 2009/by Tyrepress Editors

Bankruptcy Court Confirms Hayes Lemmerz Reorganisation Plan

On November 3 Hayes Lemmerz International announced that the United States Bankruptcy Court for the District of Delaware has confirmed the proposed plan of reorganisation filed by the wheel manufacturer in July. Now that the go-ahead has been given, Hayes Lemmerz expresses confidence that the plan will significantly improve its balance sheet and reduce leverage. The company's total consolidated pre-petition funded debt of approximately US$720 million is now expected to shrink to approximately $240 million upon emergence from Chapter 11 bankruptcy.

4th November 2009/by Tyrepress Editors

Accuride Restructures Debt, Files for Bankruptcy

The media team at Accuride Corporation have given details of a “debt restructuring agreement.” As part of this agreement the company is filing a voluntary petition for bankruptcy under Chapter 11 of the US Bankruptcy Code and has secured a US$50 million “debtor-in-possession” credit facility to enable normal business to continue.

13th October 2009/by Tyrepress Editors

Update on Amtel Bankruptcy to be Given at EGM

Amtel-Vredestein N.V. has given notice that it will hold its Extraordinary General Meeting of Shareholders on September 2 at the Sheraton Amsterdam Airport Hotel and Conference Centre. The agenda for the EGM will, amongst other things, include the company’s 2008 financial statements and an update on Amtel’s financial affairs and bankruptcy. ABH Financial Limited’s restructuring […]

19th August 2009/by Tyrepress Editors

Proliance Files for Chapter 11

Proliance International has filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of Delaware on 2 July. In addition, Proliance has agreed to sell substantially all of its North American assets for $21.5 million in cash, under a court supervised sale process to Centrum Equities XV. Centrum Equities also owns the Visteon aftermarket business, which it purchased in February 2008.

Charles Johnson, Proliance president and CEO, said, “The combination of Centrum’s resources and industry expertise and Proliance’s manufacturing and distribution capabilities will help get our business back on track faster and enable the combined company to serve its customers in an exemplary way. Longer term, we believe ownership by Centrum will create a stronger balance sheet and establish a solid platform which will provide opportunity for growth.”

Roger Brown, president and CEO of Centrum Equities XV, said, “We are excited about this opportunity to put together these two leading companies in the automotive aftermarket. We strongly believe that the combination with Proliance, along with the financial investment to be made, will provide for unparalleled service in the industry.” (Tire Review/Akron)

7th July 2009/by Tyrepress Editors

Hayes Lemmerz Files Reorganisation Plan and Disclosure Statement

Hayes Lemmerz International has a plan….a reorganisation plan, that is. The company announced on July 3 it has filed a proposed plan of reorganisation and disclosure statement with the United States Bankruptcy Court for the District of Delaware. If confirmed by the court, the plan provides that the company’s debtor-in-possession (DIP) lenders and prepetition secured lenders would own substantially all the reorganised company’s common stock and all of its global manufacturing locations upon its emergence from chapter 11 bankruptcy.

6th July 2009/by Tyrepress Editors

GM on the Hook to Tyre Companies

With General Motors now in bankruptcy, details are starting to emerge about what the troubled automaker owes some of its key suppliers. According to reports, GM still owes Goodyear some $7 million, Continental AG some $15.5 million, and another $4 million to Bridgestone Americas. GM plans to pay all of its key suppliers in full, say reports. (Tire Review/Akron)

2nd June 2009/by Tyrepress Editors

GM Files C11, Chrysler Sale OK’d

Once mighty General Motors formally filed for Chapter 11 bankruptcy protection in New York this morning. The pre-packaged bankruptcy is expected to last 30 to 90 days, and GM will receive some $30 billion in US-guaranteed loans. GM is expected to emerge from bankruptcy considerably smaller, after shuttering or selling an estimated 14 plants as part of its bankruptcy. Debt-holders and the United Auto Workers will end up with a stake in the remaining company, while the US government will be GM’s largest owner.

Meanwhile, a federal bankruptcy judge has approved the sale of most of Chrysler assets to Italian automaker Fiat. The sale approval presumably clears the way for Chrysler to exit its own court protection within 60 days. Chrysler’s plan gives a 55 per cent share of the new company to a UAW trust for retirees, a 20 per cent stake to Fiat and smaller shares to the US and Canadian governments. Fiat’s share could grow to 35 per cent under the plan. (Tire Review/Akron)

1st June 2009/by Tyrepress Editors

Magna to Rescue GM Europe

The car parts manufacturer Magna International has agreed to a deal rescuing GM Europe from insolvency. Fiat, who were said to be putting together a bid, decided to decline the option of attending negotiations, which were attended by the German government. Chancellor Angela Merkel, business ministers and representatives of the German states in which GM plants are located will hold a meeting in Berlin on the evening of 29 May to discuss their potential approval of the deal. GM Europe owns auto-makers Opel and Vauxhall, while its American owners General Motors are widely expected to declare Chapter 11 bankruptcy on Monday 1 June.

29th May 2009/by Tyrepress Editors