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Article: North American Car Corp. files for bankruptcy.
- Article from:
- PR Newswire
- Article date:
- December 6, 1984
CopyrightCOPYRIGHT 1984 PR Newswire Association LLC. 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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NORTH AMERICAN CAR CORPORATION FILES CHAPTER 11
LOS ANGELES, Dec. 5 /PRNewswire/ -- North American Car Corp. announced today that it has filed a petition under Chapter 11 of the United States Bankruptcy Code in Los Angeles.
Michael Feder, president of North American, explained that the company sought the protection of the court after having failed to reach agreement with its principal bank and institutional lenders with respect to a voluntary restructuring of North American's debt obligations.
North American is a wholly owned indirect subsidiary of Tiger International Inc. (NYSE: TGR), and has been treated for accounting purposes as a ...