Business Services Industry
Chivas may sell assets, liquidate: JCI said to be a bidder; creditors wary. (Chivas Products Ltd.; Johnson Controls Inc.)
Crain's Detroit Business, February, 1998 by Sherefkin, Robert
JCI said to be a bidder; creditors wary Chivas Products Ltd., under pressure by General Motors Corp. and Chrysler Corp., is preparing to sell its assets and liquidate. The Plymouth-based Automotive Systems Group of Johnson Controls Inc. is thought to be a prospective asset buyer, according to unsecured creditors.
Chivas, a Sterling Heights-based supplier of interior plastic trim and lighting components, has continued to operate its business at a substantial loss since last June; it filed for Chapter 11 protection in October. A Feb. 3 motion seeking an extension to file a plan of reorganization said the automakers will continue to fund Chivas' operating losses for a short period to allow the sale of assets. Chivas is expected to file a plan of liquidation after...
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