LOS ANGELES -- American Remanufacturers Inc. filed for Chapter 11 protection on Tuesday, Nov. 8, in Delaware and said it is negotiating the sale of the company.
The supplier of axles, brake calipers and steering components cited debt, pricing pressures, operating costs and foreign competition. The bankruptcy petition covers U.S. operations but does not include the Canadian aftermarket operation.
American Remanufacturers said it plans to sell the company through open bidding. Its senior lenders, led by Black Diamond Commercial Finance LLC of Stamford, Conn., have made a bid. American Remanufacturers, of Anaheim, Calif., said it does not expect an interruption in operations. It has secured financing of $15 million. The company has about 1,700 employees.