IBJNews

Accuride restructuring under Chapter 11 bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

Evansville-based Accuride Corp. filed for Chapter 11 bankruptcy protection Thursday as part of a restructuring of debt.

As part of the reorganization, the manufacturer of truck parts secured a $50 million loan to be provided by certain senior lenders and noteholders of the company.

Accuride, one of the state’s largest companies, maintained it will continue “business as usual” without any interruption to operations. 

“Accuride’s debt-restructuring efforts are designed to create a sustainable capital structure that will support greater profitability and solidify the company’s position as the market leader in its product categories,” Accuride President and CEO Bill Lasky said in a prepared statement.

The company warned in early August that it might seek bankruptcy protection if lenders refused to restructure debt. Accuride’s financial troubles date to at least last year. In September of 2008, directors accepted the resignation of former CEO John Murphy as the company laid off 392 employees.

Accuride had 3,500 employees at the end of 2008, with about 400 in Indiana.

The company reported a second-quarter loss of $36.1 million, or $1 per share, compared with profit of $3.4 million, or 10 cents per share, in the same period last year.

Company shares traded this morning at 35 cents each, down from 57 cents in early August.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

ADVERTISEMENT