Bankruptcy

Texas dealership Mac Churchill Acura files for Chapter 11 bankruptcy

12:32 pm U.S. ET | May 25, 2018
A dispute between majority and minority owners over the sale of Mac Churchill Acura of Fort Worth, Texas, has led to the store filing for Chapter 11 bankruptcy.

GST AutoLeather emerges from bankruptcy with new owner, leadership

4:39 pm U.S. ET | May 23, 2018
Car seat leather supplier GST AutoLeather emerged from Chapter 11 bankruptcy under new private equity ownership and leadership.

GM, again, faces $1 billion fight over bankruptcy accord

3:55 pm U.S. ET | April 26, 2018
An independent trust handling GM's old bankruptcy claims reached a new settlement with customers who sued the automaker years ago over faulty ignition switches -- a deal that could force GM to give up more than $1 billion in new stock if a judge approves it.

As GM mulls options, how does bankruptcy work in S.Korea?

11:40 am U.S. ET | April 19, 2018
GM's Korean unit has warned that it would file for bankruptcy if there isn't a restructuring deal by Friday, as the operation is running out of cash to pay employees and suppliers amid slumping sales. A look at how South Korea's court-managed bankruptcy protection procedures work.

GM Korea future hangs by a thread as 16-year foray risks folding

11:33 am U.S. ET | April 12, 2018
After 16 years and billions of dollars in investments, GM faces a decision in South Korea: stay or leave. GM international chief Barry Engle plans to meet South Korean officials this week.

GM says South Korean unit will file for bankruptcy if no union concessions

10:33 pm U.S. ET | March 26, 2018
General Motors said its loss-making South Korean operations would file for bankruptcy if its union did not agree to cut labor costs by April 20, the union said.

New York financier, Dura CEO Lynn Tilton puts her Zohar funds into bankruptcy

1:14 pm U.S. ET | March 12, 2018
New York financier and Dura CEO Lynn Tilton has put her Zohar investment funds, a key element of her distressed debt empire and the subject of several legal battles, into Chapter 11 bankruptcy.

UAW retiree trust to sell chunk of GM shares

10:59 pm U.S. ET | Feb. 27, 2018
The UAW's retiree health care trust plans to sell 40 million of its shares in General Motors, a move that could jeopardize the trust's seat on the automaker's board of directors.

Takata's U.S. bankruptcy plan approved by judge

2:48 pm U.S. ET | Feb. 17, 2018
Takata received court approval for its bankruptcy exit plan in the United States, clearing the way for the sale of Takata's assets and providing compensation for those injured by its deadly airbags.

VW, Ford, GM, Toyota among automakers providing up to $130 million for Takata's U.S. settlement

Feb. 14, 2018 12:20 CET
VW, Ford, GM and Toyota are among a group of 13 automakers who will contribute as much as $130 million to compensate those injured by faulty Takata airbag inflators as part of a deal to resolve the supplier's bankruptcy, a U.S. plaintiffs' attorney said.

TAKATA AND THE RECALL CRISIS

Takata, injured drivers reach deal that will likely end U.S. bankruptcy

9:16 pm U.S. ET | Feb. 11, 2018
Takata reached a settlement with its creditors, plaintiffs' lawyers and automakers that should smooth the way to end its Chapter 11 bankruptcy and sell its viable operations.

GM avoids $1 billion stock payout as U.S. judge throws out settlement

3:56 pm U.S. ET | Jan. 18, 2018
The trust set up to handle GM's bankruptcy claims acted in bad faith in reaching a $15 million class-action settlement that would have forced the company to contribute as much as $1 billion in new stock, a judge ruled in throwing out the accord.

107-year-old Stelco, once seen as a relic, is stirring to life

7:54 am U.S. ET | Dec. 5, 2017
After decades of crisis, a renewed sense of purpose has settled over 107-year-old Stelco, which just completed the first initial public offering of a North American steel maker in seven years.

Key Safety Systems signs deal to acquire Takata for $1.6 billion

8:47 am U.S. ET | Nov. 21, 2017
Key Safety Systems said it signed the long awaited definitive agreement to acquire Takata for $1.6 billion. The announcement comes weeks after the formal deal was submitted in bankruptcy court.

Key Safety files final deal to buy embattled supplier Takata

4:57 pm U.S. ET | Nov. 4, 2017
Key Safety Systems reached a final deal to acquire supplier Takata out of bankruptcy resulting from exploding airbag system parts linked to at least 17 deaths.

Chassix to acquire Benteler's automotive casting business

6:32 am U.S. ET | Oct. 27, 2017
Detroit area auto supplier Chassix signed an agreement to acquire Austrian conglomerate Benteler International's automotive casting business.

Old Chrysler hand still seethes over dealer cuts

12:01 am U.S. ET | Oct. 23, 2017
Almost 20 years after he retired as Chrysler's top sales guy, Tom Pappert hasn't gotten over what happened to dealers in 2009.

Detroit's leather-maker hits a financial wall

12:01 am U.S. ET | Oct. 14, 2017
Automotive leather supplier GST lists its woes, despite a global market yearning for premium materials.

COMMENT

Is Uber partly to blame for a Michigan leather seat supplier's bankruptcy?

1:49 pm U.S. ET | Oct. 4, 2017
Uber has been blamed for crushing the taxi industry, labor rules, privacy -- and now leather car seats? That's the contention of bankrupt GST AutoLeather, which makes leather and components for virtually ever major automaker.

Takata says $1.6 billion Key Safety deal to be signed within 2 weeks

3:17 pm U.S. ET | Oct. 2, 2017
Key Safety Systems has agreed to terms on the purchase of assets of Takata, and final documents will be signed in less than two weeks. Takata had been stricken by a recall of its faulty vehicle airbags.

GM thwarts plaintiffs' $1 billion accord with Old GM trust fund

11:46 am U.S. ET | Aug. 17, 2017
GM thwarted a $15 million settlement between the company's bankruptcy trust and plaintiffs that would have forced the automaker to contribute $1 billion in stock, prompting claims of a secret plot.

U.S. judge in Takata bankruptcy halts lawsuits vs. automakers for 90 days

11:20 am U.S. ET | Aug. 16, 2017
A federal judge overseeing the bankruptcy of Takata's business in the United States halted lawsuits for 90 days against automakers brought by victims of its faulty airbag inflators.

GM accuses bankruptcy trust of secret $1 billion stock plot

2:04 pm U.S. ET | Aug. 11, 2017
General Motors accused the trust set up to handle its bankruptcy claims of secretly plotting with plaintiffs' attorneys to make it pay $1 billion in stock as part of a $15 million class-action settlement.

Japan's Takata files another attempt to stay U.S. airbag lawsuits

4:56 pm U.S. ET | Aug. 9, 2017
Takata filed for bankruptcy protection to pause lawsuits against the company over faulty airbag inflators -- more than a month after its American unit filed for bankruptcy.

ANALYSIS

New Takata airbag recalls could expose automakers to more liabilities

7:47 am U.S. ET | July 19, 2017
Takata's bankruptcy filing was meant to draw a line under the auto industry's biggest safety recall, but last week's announcement of more airbag inflator recalls suggests automakers could face fresh liabilities.

 
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