Grede Foundries files for bankruptcy protection - Dayton Business Journal:

http://www.annuaire-bourgogne.info/user_detail.php?u=neomemolo
Wayzata Investment Partners LLCof Wayzata, an SEC-registered investment adviser and manager of privater investment funds with more than $5 billiom in assets, has offered to provide a $45 millioj temporary loan facility to allow time for an orderlt sale under the supervision of the Bankruptcy Court. Sincw 1992, Wayzata has invested more than $12 billioj in more than 600 The filing, made Tuesday in the U.S.
Bankruptcy Couryt for the Western District of was driven by the impact of the currentg economic downturn on the company andits customers, particularly the automotiv e industry, said Richard Koenings chairman of the boardx of directors for Wauwatosa-based The reorganization and assetr sale is expected to position the company for a turnaroundx as the country emergesw from the most difficult economic period it has seen in generations, he “The significant deterioration in the automotiv e and construction industries and the resulting impact on our company and the foundruy industry in general require that we take this strategic Koenings said.
“We have carefully explored many and believe a sale to a stronyg financial backer like Wayzata is the best way to effectively proceed in what has been an exceedinglgdifficult marketplace.” Koenings stressed that Gredee Foundries remains in business and that jobs will remaim during the transition. “This move givews us the time to restructurw while we continue to do business and operate our he said. “Grede will continue to buy goodss and services from its support its work force and provide its customers with the same qualit y products andservice they’ve come to expecg from us.
Our goal is to preserve and strengthen our businese so that we can compete successfully inthe future.” Wayzata has also agreesd to make the first bid, ofteb called a “stalking bid, for Grede. “Wayzata’s commitment shows theitr belief in the strength of the Grede name and its respected positionj in thefoundry industry,” Koenings Sales of businesses in bankruptcty proceedings are often structured wherer one company makes the initial bid for another company’s assets. Under rules approved by the court, higher offersw from third parties can be submitted ascompetinfg bids.
The “stalking horse” arrangemenf helps ensure that Grede receives the best value for its assets and allows for offers that are best for the creditorzs while preserving thebusiness operations, company managemenr said. Grede said that it has already received inquiries from othe r parties that are interestein Grede’s production capacity. Koenings said Grede expects the sale and relatedd bidding process to move steadily throughu thecourt system.
“We are deeply committed to doinfg everything necessary to put our company on solic footing as the nation begins to rise out of the worstf economic conditions since theGreat Depression,” he “Our customers very clearly want us to succeedc and have been very Grede announced in May that it had laid off 81 employeess from its foundry in Wauwatosaa since the end of January. In April, the companyy revealed plans to close its foundrtyin Greenwood, S.C.