Saturday, March 26, 2005

Oxford automotive emerging from Chapter 11 bankruptcy

Associated Press

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TROY -- Auto supplier Oxford Automotive Inc. announced that it is emerging from Chapter 11 bankruptcy protection, effective Thursday, after working to shed its plants in the United States.

The company's reorganization plan provides for the sale or liquidation of its North American businesses, while preserving its European operations. Oxford will continue to operate exclusively in Europe under a newly appointed board.

Of Oxford's 10 U.S. plants, the company said six have been sold and four have been or will be liquidated.

"We sold the majority of our North American plants as ongoing operations, thus retaining jobs and avoiding any disruption for our customers," David Treadwell, chief executive, said in a a statement.

Troy-based Oxford filed for Chapter 11 protection in December.

Treadwell, appointed CEO in August to restructure the company, will leave his post following the company's emergence from bankruptcy. Treadwell will serve as a director of the reorganized Oxford Europe board.