DETROIT -- Dura Automotive Systems Inc., facing production cuts at both General Motors and Ford Motor Co., has hired a third firm to advise it in its restructuring.
Dura has retained Glass & Associates Inc., a Canton, Ohio, turnaround specialist, say sources at turnaround firms that also sought a piece of the Dura contract.
A Glass & Associates spokesman said last week: "It is not our place to confirm that." Dura spokesman Robert Mead declined comment on Friday. Glass, a management consultant, provides interim management for distressed companies.
Dura, struggling under heavy debt and rising commodity prices, this month retained investment bankers Miller Buckfire & Co. and corporate law council Kirkland & Ellis LLP. Dura already had a previous relationship with Kirkland & Ellis.
Dura's hiring of the three firms does not mean the company is a Chapter 11 candidate, said a turnaround specialist familiar with Dura's finances: "But it is hard to see how it could restructure its balance sheet without a Chapter 11 (bankruptcy petition)."
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