Liquidity Crunch Drives Auto Parts Maker Into Ch. 11

Law360, New York (February 14, 2008, 12:00 AM EST) -- Blue Water Automotive Systems Inc., which makes engineered thermoplastic components for Ford Motor Co., General Motors Corp. and Chrysler LLC, filed for Chapter 11 protection Tuesday, a move spurred by high petroleum prices and a corresponding increase in the cost of raw materials.

Marysville, Mich.-based Blue Water filed its bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of Michigan, listing assets and liabilities each between $100 million and $500 million.

James Sampson, Blue Water's vice president of sales and engineering, said on Thursday...
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