INDUSTRY NEWS
Chassix Approaches Exit to Chapter 11 Bankruptcy Chassix was formed by Platinum
Chassix Holdings Inc., South-
fi eld, Mich., held strong support among its creditors as it entered a bankruptcy court confi rmation hearing in July. More than 70% of bondholders and creditors voted to support the Chassix plan. A supplier of automotive com-
ponents, including castings, Chassix reported annual revenue of about $1.4 billion. It fi led for Chapter 11 bankruptcy in March, claiming it owed more than $525 million to bondholders and more than $65 million to other creditors including other materials manufacturers and automotive suppliers. T e reorganization plan, largely a debt-equity swap, would give bond- holders $375 million in secured debt, 97.5% of stock in the reorganized company and another 2.5% stake to trade creditors and unsecured bondholders.
Equity LLC, Beverly Hills, Calif., by integrating Diversifi ed Machine Inc. and SMW LLC into a single source of casting and machining operations with
locations in the U.S., Mexico, Brazil, China and Europe. Chassix serves major automotive customers including Ford Motor Co., Detroit, and Nissan North America, Smyrna, Tenn.
Chassix supplies major automotive OEMs such as Ford Motor Co.
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