A.G. Simpson granted bankruptcy protection
TORONTO (Oct. 3, 2001) — A.G. Simpson Co., one of Canada’s largest makers of automotive components, was granted protection from creditors in an Ontario Superior Court yesterday and said it will close plants in Windsor, Ont., Oakville, Ont., and Sterling Heights, Mich., if it cannot find buyers for them.
AGS Automotive’s U.S. subsidiaries filed for reorganization under Chapter 11 of U.S. bankruptcy law in a Michigan court.
“This is the most responsible way in which to address our challenges, protect the interests of our stakeholders and move the company towards a stronger financial and operating platform,” Robert Simpson, chief executive of AGS Automotive, said in a press release. “It will enable us to continue operating our business while negotiating a restructuring plan with our stakeholders.” He noted that suppliers will be paid and employees will continue to receive their wages.
AGS makes automobile bumpers and metal stampings.
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