Cooper-Standard files for chapter 11 protection in US

ERJ staff report (DS)

Novi, Michigan. -- Cooper-Standard Holdings Inc., the parent company of Cooper-Standard Automotive Inc., said the Company and its U.S subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Operations outside North America are not affected.

The aim, said the company, is to facilitate a balance sheet restructuring. The petitions were filed in the U.S. Bankruptcy Court in the District of Delaware. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, will seek relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada.

Cooper-Standard's European operations are, for the time being, unaffected by the move. Coopper Standard said, "The Company intends to continue operating “business as usual” during the reorganisation process and anticipates no interruption in its supply to customers. The filings include all wholly-owned U.S. and Canada operations. The Company's joint venture entities in the U.S. and around the world are not included in the filing. Cooper-Standard's other foreign subsidiaries are not included in the filing and will not be impacted.

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Press release from Cooper-Standard