ASC Inc. of Southgate, MI, reportedly files for Chapter 11 protection in U.S. bankruptcy Court in Detroit following two years of downsizing. The company, which currently has about 252 employees and three manufacturing centers in Michigan, Kentucky and California, also agrees to be acquired by Los Angeles-based private equity firm Hancock Park Associates, The Detroit News says. Pre-petition debts of $9.8 million, including a $1.4 million standby line of credit, are on ASC’s balance sheet, as ...
Premium Content (PAID Subscription Required)
"Printer-friendly" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
All of WardsAuto's reliable, in-depth industry reporting and analysis
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.