Published:
GETRAG Transmission Manufacturing LLC Files for Chapter 11 Protection
STERLING HEIGHTS, Mich., Nov. 17 /PRNewswire/ -- GETRAG Transmission
Manufacturing LLC (GTM LLC) has filed for protection under chapter 11 of the
United States Bankruptcy Code for itsTipton, Indiana facility. The GTM LLC
facility inTipton was being constructed for the sole purpose of manufacturing
dual clutch transmissions for Chrysler LLC (Chrysler).
This action is a direct result of a recent termination by Chrysler of
contractual agreements related to the construction and operation of a dual
clutch transmission manufacturing facility inTipton. Also as a result of
Chrysler's actions, GTM LLC has been forced to terminate its operations in
Tipton and cancel the project. The filing will enable GTM LLC to deal with
all claims related to the project in an orderly and equitable fashion.
GTM LLC and its German affiliate also filed a countersuit on October 30,
2008 against Chrysler to recover, among other elements, costs associated with
the project and reimbursement of all expenses incurred by GTM LLC and its
suppliers in connection with the project.
"We recognize these developments have had significant impact on all of our
stakeholders, including employees, suppliers and theTipton community," said
Jim Shoup, GTM LLC Chief Executive Officer. "We ask for their patience and
understanding as we manage through this process." Shoup also indicated the
organization will continue to update the creditors of GTM LLC throughout the
process.
www.getrag.de
Editor's Note: GETRAG Transmission Manufacturing LLC is inclusive only of
theTipton facility and its filing is unrelated and does not impact the other
operations of GETRAG Corporation or GETRAG Transmissions Corporation inthe
United States.
SOURCE GETRAG Transmission Manufacturing LLC
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
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