NEW YORK -- Private equity investor Wilbur Ross said on Thursday that his investor group has acquired shares of Oxford Automotive Aps from former creditors.
The creditors exchanged notes for equity when Paris, France-based Oxford emerged from insolvency proceedings in April, Ross said in a statement.
Ross now owns about 25 percent of Oxford's equity. Ross and other shareholders have committed to be standby underwriter of a proposed rights offering to existing shareholders of $100 million of new equity, Ross said.
Ross has earned the title "king of bankruptcy" by buying struggling companies, changing management, cutting costs, and selling them later for a hefty profit. Ross has made a fortune consolidating some of America's biggest steel, textile and coal companies.
One of his best known moves was creating the International Steel Group in 2002 by combining several bankrupt U.S. steel giants, including Bethlehem Steel.
"This is the first of what we hope will be a series of investments in European and American auto parts businesses," Ross said in a statement.