Auto Parts Manufacturer Parks Subsidiaries Into Ch. 7

Law360, New York (June 11, 2013, 5:29 PM EDT) -- Two separately capitalized subsidiaries of NASDAQ-listed replacement car parts manufacturer Motorcar Parts of America filed for Chapter 7 liquidation in Delaware bankruptcy court Monday.

Fenwick Automotive Products Ltd. and Introcan Inc. listed total liabilities between $100 million and $500 million, according to their individual filings. Fenwick listed assets of more than $10 million and Introcan listed assets of less than $10 million, court records show. Three other affiliates also sought bankruptcy.

MPA purchased Fenwick, also known as Fenco, in 2011 to complement the company’s position within...
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