A cash infusion has a Michigan auto parts company buckling up after landing on the pit-row of bankruptcy.
“Decreasing market demand, a change in the types of vehicles being sold and rising raw material prices are making this a tougher market for auto suppliers,” said Beth Brockmann, automotive industry leader for GE Corporate Lending. “However, suppliers with strong technology and solid balance sheets should be able to endure this transitionary period and ultimately benefit from a stronger market environment.”
GE Commercial Finance Corporate Lending of Norwalk has a $110 million plan of reorganization credit for DURA Automotive Systems Inc., an auto parts supplier. The financing will be used to complete the company”™s reorganization as it emerges from bankruptcy. GE Capital Markets arranged the transaction. In 2006, GE also provided the company with a $115 million debtor-in-possession credit to support the company”™s Chapter 11 filing.
Based in Rochester Hills, Mich., DURA is an independent designer and manufacturer of auto parts with a worldwide client list. Their products include driver control systems, seating control systems, glass systems, structural door modules and exterior trim systems.
 “Leveraging our auto industry expertise and restructuring specialization helped provide DURA with smarter capital,” said Tom Quindlen, chairman and CEO of GE Corporate Lending. “We continue to work closely with clients through good and challenging times to provide them with the capital they require to meet their business objectives.”