Dura Automotive Systems Third Largest Bankruptcy Filing of 2006, According to BankruptcyData.com
With total assets of $2,057,209,000 (as reported on its latest Form 10-K), Dura Automotive Systems, Inc. (DRRA) became the third largest company to file for bankruptcy in 2006, according to www.BankruptcyData.com, a Boston-based website published by New Generation Research, Inc. Dura’s October 30th bankruptcy filing also represents the seventh largest automotive parts manufacturer filing of all time. To date, the largest automotive parts manufacturer to file for Chapter 11 was Delphi Corporation, which listed $16,593,000,000 in assets at the time of its October 8, 2005 filing.
According to Dura, the Company’s decision to pursue a reorganization under Chapter 11 came after evaluating all options to restructure its balance sheet to reduce the Company's indebtedness and interest expense. Dura elected to pursue a restructuring under court protection as it will facilitate both a financial restructuring and Dura's ongoing operational restructuring, the successful implementation of which will help Dura overcome current financial and industry pressures and position the Company for long-term success.
To date, the total assets of the 49 publicly traded companies that filed for bankruptcy in 2006, including Dura, are $21,053,795,350,
BankruptcyData.com provides news, financial history, creditor information, reorganization details and more for over 2000 publicly-traded companies that have filed for bankruptcy protection, dating back to 1980. The extensive database, which tracks all publicly-traded bankruptcies, can be searched by assets, industry, filing date or company name. Professional retention information is also available.
For additional information: Kerry Mastroianni, www.BankruptcyData.com, 225 Friend St., Suite 801, Boston, MA 02114, telephone (617) 573-9550, customersupport@bankruptcydata.com.
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