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Auto Supplier

All articles tagged with #auto supplier

business3 months ago

Auto Industry Failures and Wall Street Risks Raise Alarm

First Brands, a midsize auto parts company, filed for bankruptcy with over $10 billion in debt, leading to concerns about the stability of private credit markets, which are less regulated and involve complex, opaque lending practices. The company's collapse has exposed significant risks in the private credit sector, with major lenders like Jefferies, UBS, and BlackRock facing substantial losses, and federal investigations underway into its accounting practices.

via Morning Brew|
#auto-supplier#bankruptcy#business
business3 months ago

First Brands Auto-Parts Supplier Declares Bankruptcy Amid Financial Struggles

First Brands Group Holdings has filed for Chapter 11 bankruptcy due to creditor concerns over opaque off-balance sheet financing and a debt load estimated between $10 billion and $50 billion, after mounting scrutiny and failed refinancing efforts. The company, known for auto parts like wiper blades and filters, relies heavily on debt-funded acquisitions and supply-chain financing, raising questions about its financial practices. A group of creditors has committed $1.1 billion in debtor-in-possession financing to keep operations running during restructuring.

via Bloomberg.com|
#auto-supplier#bankruptcy#business
business2 years ago

"UAW Strike Fallout: Auto Supplier Warns of Layoffs as CEOs' Salaries Soar"

Auto supplier Eagle Industries has filed a notice with the state of Michigan warning of a potential layoff of 171 employees out of 230 workers at its Wixom plant due to the ongoing United Auto Workers' strike. Other suppliers have also issued WARN letters, and automakers have laid off hundreds of workers at plants affected by the strike. Negotiations between the UAW and Detroit Three automakers continue, with President Joe Biden and former President Donald Trump scheduled to visit Michigan this week in support of the strike. Some workers welcome the visits, while others are skeptical of their motives.

via Detroit News|
#auto-supplier#business#layoff
business2 years ago

"UAW Strike Causes Layoffs and Threatens U.S. Auto Industry"

Contract manufacturing supplier CIE Newcor, a subsidiary of Spain-based CIE Automotive, plans to lay off 293 employees in Shiawassee and Lapeer counties due to the ongoing United Auto Workers (UAW) strike against the Detroit 3 automakers. The layoffs are expected to begin on October 2 and could last for a month. The impacted jobs include machine operators at four company plants, and the plants may close indefinitely depending on the duration of the strike. Businesses throughout the supply chain are preparing for the disruption caused by the strike, with smaller suppliers facing a higher risk of financial difficulties.

via Crain's Detroit Business|
#auto-supplier#business#cie-newcor