Dura Automotive files for bankruptcy

[OhioChick]

Article published Tuesday, October 31, 2006

DETROIT - Dura Automotive Systems Inc. filed for bankruptcy yesterday, becoming the fifth major U.S. auto-parts company since February, 2005, to seek protection from creditors.

Dura, a maker of parking brakes, door hinges, seat recliners and other parts, listed liabilities of $1.7 billion and assets of $2 billion in papers filed with the U.S. Bankruptcy Court in Wilmington, Del. The company said it was forced to file for Chapter 11 because of North American production cuts by U.S. automakers and rising costs for raw materials such as steel.

Dura, of Rochester Hills, Mich. joins Toledo's Dana Corp., Tower Automotive Inc., Collins & Aikman Corp., and Delphi Corp. in seeking court protection over the past year and a half.


http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061031/BUSINESS02/61031003

[Katzenjammer]

1. It's Chapter 11, though, not "real" bankruptcy. I bet it's an anti-labor ploy, nothing more

Just like all the other reorganizations. "Oh we're so poor mister judge, please let us shift all the burden onto labor so we can go on getting our million-dollar salaries"