Dura Automotive exits Chapter 11
canada goose DETROIT Auto supplier Dura Automotive Systems Inc. today confirmed it has emerged from Chapter 11 bankruptcy protection after 20 months. Bankruptcy Court judge in Wilmington, Del., approved the company s reorganization plan May 13, and Dura officially emerged from court protection Wednesday, June 25. canada goose
“This has been an extremely difficult process,” CEO Larry Denton said in an interview today with Automotive News. “It is a credit to our team to have been able to exit protection in canada goose clearance this environment.”
canada goose clearance Denton, 57, will remain CEO of the company, but is stepping down as chairman. Dura cheap Canada Goose s newly appointed board is naming longtime supply chain executive Tim Leuliette as chairman. Leuliette, canada goose store 58, last year stepped down as CEO of Metaldyne Corp. and now heads Leuliette Partners LLC. canada goose clearance
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canadian goose jacket After years of borrowing to acquire smaller suppliers, Dura had built a 12.1 debt ratio before it went into bankruptcy. Through bankruptcy, it has reduced that ratio to 1.5. term loan. It also has about 65 million euros ($102.5 million) in European financing. canadian goose jacket
Canada Goose Outlet canada goose deals Dura s reorganization plan called for senior level debt and unsecured claims to receive 100 percent of the stock in the reorganized company. Dura said its pre bankruptcy subordinated debt and stock equity were wiped out. Canada Goose Outlet
canada goose uk outlet Faced with heavy debt, Dura in recent years took on various restructuring efforts, back office consolidation, asset sales and plant closings even before entering bankruptcy. Denton said those moves were key to a successful reorganization. canada goose uk outlet
“We started operational restructuring before we filed,” Denton said. “We knew there were troubled times ahead.”
Hedge fund operator Pacificor LLC, of Santa Barbara, Calif., will be the largest shareholder of the reorganized Dura, controlling between 35 and 40 percent of the equity, Denton said. Blackstone Group LP, a New York private equity firm with several automotive holdings, will be Dura s canada goose coats second largest shareholder.
buy canada goose buy canada goose jacket cheap jacket The new Dura stock will trade over the counter under the symbol DRRAQ. buy canada goose jacket
Dura leaves bankruptcy with a realigned network of factories largely in low cost countries. auto plants canada goose black friday sale from Mexico and western European plants from eastern Europe. Supplying the United States from Mexico has helped Dura escape the fate of suppliers that moved to China and now are being squeezed by fuel costs, Denton said.
uk canada goose outlet Dura also has shifted production to China and India, but Denton said 80 to 90 percent of the parts produced there are for local markets. He said the company has exceeded growth targets by five times in India and is building relationships with such Indian automakers as Tata Motors and Mahindra Mahindra Ltd. uk canada goose outlet
I don t see any stopping us, Denton said of the move to India. I think this is going to continue to move.
canada goose factory sale Dura also has shifted its sales overseas. The company estimates that the United States will make up only 24 percent of 2008 buy canada goose jacket sales. It predicts Europe will make up 52 percent. canada goose factory sale
canada goose store Ford Motor Co. remains the largest customer, Denton said, but a large portion of Dura s sales to Ford are to European plants or its recently sold Land Rover and Jaguar brands. Chrysler LLC is Dura s second largest customer. Volkswagen AG is the third largest, and Renault Nissan is the fourth largest. canada goose store
cheap Canada Goose Dura makes a variety of parts, including high tech driver control and mechatronic shift systems. It also makes commodity parts such as seating controls, glass systems, door modules and hinges. cheap Canada Goose
canada goose uk black friday The company filed for Chapter 11 protection in October 2006. auto suppliers, including Delphi Corp. and Dana Corp., that had sought Canada Goose online protection in recent years because of lower North American vehicle production and canada goose clearance sale higher raw material costs. canada goose uk black friday
Dura ranks No. (Pink Sheets: DRRAQ) announced today that it has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization (the Plan ), including successfully closing their exit financing facilities and filing associated documentation. In conjunction with its emergence, the Company also announced Canada Goose Jackets its new board of directors.
Canada Goose Jackets Today marks a fresh start for DURA, said Larry Denton, Chairman and Chief Executive Officer of DURA. With a strengthened balance sheet and an improved operational footprint, DURA is canada goose coats on sale well positioned in the global automotive supplier market. We will now be able to operate with greater efficiency and flexibility, devoting all of the Company s focus and resources to developing and delivering innovative products to the benefit of our customers and all of our stakeholders. Canada Goose Jackets
Board of Directors Brings Significant Automotive and International Experience
canada goose coats DURA s new seven member Board of canada goose Directors represents significant international, operational, financial and automotive industry expertise: canada goose coats
canada goose black friday sale Fred Bentley is chief operating officer of Hayes Lemmerz International, Inc., a worldwide producer of aluminum and steel wheels. At Hayes Lemmerz he was instrumental in changing the company’s global operational footprint and introducing lean manufacturing practices. Prior to Hayes Lemmerz, Mr. Bentley served in positions of increasing responsibility at Honeywell (formerly AlliedSignal) where he rose to the position of Managing Director, Europe, and Frito Lay (PepsiCo). canada goose black friday sale
Lawrence (Larry) A. Denton is former chairman of the board and has been president and chief executive officer of DURA since January 2003. He assumed the role of chairman in 2005. From 1996 to 2002, Mr. Denton was president of Dow Automotive, a $1 billion business unit of the Dow Chemical Company. Under his leadership, Dow Automotive became one of the top http://www.mycanadagoosejacket.org 100 global suppliers to the automotive industry, growing from $300 million to more than $1 billion in revenue in six years. Prior to that, he spent 24 years with Ford Motor Company, where he held a variety of senior management positions.
Steven J. Gilbert is Senior Managing Director and Chairman Canada Goose sale of Sun Group (USA). Mr. Gilbert has 35 years of experience in private equity investing, canada goose outlet investment banking and law. He has served as a director on the boards of more than 25 companies over the span of his career, including Office Depot, Inc., Magnavox Electronic Systems Company, Affinity Financial Group, Inc., GTS Duratek, and Parker Pen Limited.
Timothy D. Leuliette is chairman of the board for DURA and is currently chairman and CEO of Leuliette Partners LLC, an investment and financial services firm. He canadian goose jacket is the former co chairman and co CEO of Asahi Tec and former chairman, president, and CEO of automotive supplier Metaldyne Corporation. He has also served as president COO of privately held Penske Corporation, and prior to that president and CEO of ITT Automotive and executive vice president at ITT. Over his career he has held executive and management positions at both vehicle Canada Goose Outlet manufacturers and suppliers and has served on both corporate and civic boards, including as chairman of the Detroit Branch of the Federal Reserve Bank of Chicago.