Asahi Tec: US Auto Parts Unit Metaldyne Filed For Chapter 11
May 28 2009 - 1:18AM
Dow Jones News
Asahi Tec Corp. (5606.TO) said Thursday its U.S. auto parts
subsidiary Metaldyne Corp. filed for the Chapter 11 protection for
corporate rehabilitation, hurt by slumping business with U.S.
automakers.
The Japanese auto parts maker said Metaldyne's debts total $929
million as of the end of December 2008.
Metaldyne supplies its products to General Motors Corp. (GM),
Ford Motor Co. (F) and Chrysler LLC as well as foreign
manufacturers including Toyota Motor Corp. (7203.TO), Honda Motor
Co. (7267.TO) and Volkswagen AG (VLKAY).
Asahi Tec, in which Ripplewood Holdings LLC is a major
shareholder, said Metaldyne's court protection will cause a special
loss of Y31.97 billion in the form of investment writedowns, but it
will have no effect on its cash flow.
-By Kazuhiro Shimamura, Dow Jones Newswires; 813-6895-7566;
kazuhiro.shimamura@dowjones.com