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Article: This Just In.(ASC Inc.)
- Article from:
- Crain's Detroit Business
- Article date:
- May 7, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ASC files for Ch. 11, makes deal to sell units
Southgate-based ASC Inc., founded by the late Heinz Prechter in 1965, has entered Chapter 11 bankruptcy protection as part of a plan to sell itself. It filed the petition Wednesday in U.S. Bankruptcy Court in Detroit.
ASC, which specialized in making sunroofs and low-volume specialty cars, already has shut down four of its plants and cut its workforce from 1,250 at the start of 2005 to 252 as it struggled to stay alive.
The pending sale to Los Angeles-based private-equity firm Hancock Park Associates will retain ASC's sunroof and design units, but liquidate "non-productive'' assets.
ASC ...