Dura Automotive Systems
Encyclopedia
Dura Automotive Systems, headquartered in Rochester Hills
, Michigan
, USA was ranked in the 2006 Fortune 1000
. It is engaged in the business of manufacturing and distribution of automotive components.
Dura filled for chapter 11
bankruptcy protection on October 30, 2006. Final determination to delist Dura's common stock
and convertible trust preferred securities
from NASDAQ was made November 13, 2006.
December 2009 - Dura Automotive Systems Inc. became another Lynn Tilton
company and part of a large diversified metal-bending company after its acquisition by the New York private-equity firm Patriarch Partners http://www.patriarchpartners.com.
In the deal, Dura absorbed Global Automotive Systems http://www.globalautosys.com, of suburban Detroit, another Patriarch company, producing a parts supplier with global sales of nearly $2 billion.
Rochester Hills, Michigan
Rochester Hills is an affluent city in northeast Oakland County of the U.S. state of Michigan. As of the 2010 census, the city had a total population of 70,995. The city of Rochester is bounded on the north, south, and west by Rochester Hills...
, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, USA was ranked in the 2006 Fortune 1000
Fortune 1000
Fortune 1000 is a reference to a list maintained by the American business magazine Fortune. The list is of the 1000 largest American companies, ranked on revenues alone...
. It is engaged in the business of manufacturing and distribution of automotive components.
Dura filled for chapter 11
Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most...
bankruptcy protection on October 30, 2006. Final determination to delist Dura's common stock
Common stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...
and convertible trust preferred securities
Trust-preferred security
A trust-preferred security is a security possessing characteristics of both equity and debt issues. A company creates trust-preferred securities by creating a trustissuing debt to the new entity, while the trust issues the trust preferred securities...
from NASDAQ was made November 13, 2006.
December 2009 - Dura Automotive Systems Inc. became another Lynn Tilton
Lynn Tilton
Lynn Tilton is an American trader, investor and industrialist.Tilton is Chief Executive Officer and sole principal of Patriarch Partners, LLC and its affiliated entities, a private equity firm managing US$7 billion in assets...
company and part of a large diversified metal-bending company after its acquisition by the New York private-equity firm Patriarch Partners http://www.patriarchpartners.com.
In the deal, Dura absorbed Global Automotive Systems http://www.globalautosys.com, of suburban Detroit, another Patriarch company, producing a parts supplier with global sales of nearly $2 billion.