Liquidity Struggles Force Mark IV Into Ch. 11

Law360, New York (May 1, 2009, 12:00 AM EDT) -- Struggling with liquidity in the face of an unwieldy capital structure and the global economic downturn, automotive systems and components manufacturer Mark IV Industries Inc. and several of its affiliates have filed for Chapter 11 bankruptcy protection.

In its petition, filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York, the company estimated assets of approximately $301 million and liabilities of $1.1 billion, as well as $1.095 billion in outstanding debt.

Mark IV had already attempted to lower its cost structure by...
To view the full article, register now.