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Oil Prices Drives Citation Corp. Back Into Bankruptcy

Law360 (March 16, 2007, 12:00 AM EDT) -- High oil prices and a drop in car production have forced auto supplier Citation Corp. into bankruptcy for the second time in three years.

The company, which emerged from Chapter 11 less than two years ago, filed for bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Alabama on Monday, citing a 20% fall in the production of SUVs and light trucks as the cause of its financial woes.

The auto parts supplier, which makes iron and aluminum castings, also filed with the...
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