Auto Parts Maker Cadence Heads For Ch. 11

Law360, New York (August 26, 2008, 12:00 AM EDT) -- Automotive supply company Cadence Innovation LLC filed for Chapter 11 on Tuesday, citing the economy and rising fuel prices for its financial troubles.

The voluntary petition, filed in the U.S. Bankruptcy Court for the District of Delaware, lists the company's debts between $100 and $500 million and its assets between $10 and $50 million.

Cadence's largest debts include nearly $10 million in loans from Chrysler LLC, $2.4 million in trade to Ventra Group Inc., $1.4 million to Bayer Material Science AG and more than $860,000 to...
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