UPDATE 1-Cadence files for bankruptcy protection


NEW YORK, Aug 26 (Reuters) - Auto parts supplier Cadence Innovation filed for Chapter 11 bankruptcy protection on Tuesday citing rising material costs and decreasing demand for larger vehicles. Prices for steel and plastic have skyrocketed along with the price of oil as U.S. auto sales declined. "The reality is that this groundswell of external factors and environmental change exceeds the flexibility of our business model," Jerry Mosingo, President and Chief Executive Officer of Cadence ...

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