PLASTECH ENGINEERED PRODUCTS
Dispute with Chrysler leads to Chapter 11 filing
Plastech Engineered Products (Dearborn, Michigan / USA; www.plastecheng.com) has filed for Chapter 11 bankruptcy protection in Michigan after efforts to negotiate a bailout package from customers apparently failed. The move followed cancellation of orders by Chrysler following a reported dispute. However, supplies to Ford, General Motors and Toyota have been reported to be unaffected by the filing as the agreements they have with Plastech remain in place. Chrysler, which has started to remove its tooling from Plastech facilities, has been forced to halt production at four of its plants, with a further 10 expected to be affected if Plastech is not ordered to hand over equipment used to manufacture around 500 parts for the auto producer.
06.02.2008 Plasteurope.com [210124]
Published on 06.02.2008