Mark IV Industries

Mark IV Industries, Inc., headquartered in Amherst, New York, is a leading manufacturer of automotive components. The company, which had annual revenues of $1.34 billion for the fiscal year ended February 29, 2009,[1] operates in 16 countries, employing over 4,200 people at 18 factories and 20 distribution and technical centers globally.[2] The company manufactures systems and components for vehicles and transportation equipment. They have introduced a new line of products designed to promote a cleaner and safer environment, and include air admission and cooling, lighting technologies, power transmission, and advanced radio frequency and information displays.

The company was one of the region's fastest-growing companies in the 1990s,[2] but more recently has struggled with high debt loads. In April 2009, the company filed for bankruptcy protection from creditors, listing assets of $500 million and debt of more than $1 billion.[1] After six-months in Chapter 11, Mark IV had eliminated approximately $750 million in debt and liabilities, and emerged in November 2009 as a newly reorganized company.[3] The company has, however, found itself at the adverse end of a legal trend which strongly enforces environmental protection, as a judge of the Southern District of New York has found that the government’s right to an injunction to force an environmental cleanup is not a claim that can be discharged under the Bankruptcy Code.[4]

See also

References

  1. 1 2 McCarty, Dawn (2009-04-30). "Sun Capital's Mark IV Files for Bankruptcy Protection (Update2)". Bloomberg. Retrieved 2012-02-10.
  2. 1 2 "Mark IV gets court OK to emerge from bankruptcy: Secured lenders to have 88% ownership stake | North America > United States from". AllBusiness.com. Retrieved 2012-02-10.
  3. ↑ "Mark IV Emerges from Chapter 11; Closes on New $145 Million Credit Facility - AMHERST, N.Y., Nov. 13 /PRNewswire/". New York: Prnewswire.com. Retrieved 2012-02-10.
  4. ↑ "Southern District of New York Says Environmental Injunctions are Not Claims Subject to Discharge in Bankruptcy". Business-finance-restructuring.weil.com. Retrieved 2012-02-10.

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