...hits a little close to home

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   Getrag Transmission Facility Files For Bankruptcy

    Manufacturing.Net - November 17, 2008

	STERLING
HEIGHTS, Mich. (AP) -- Getrag Transmission Manufacturing LLC said
Monday it filed for Chapter 11 bankruptcy protection for its Tipton,
Ind., facility after Chrysler LLC pulled out of a financing options
agreement and left the plant without a primary customer.
The $530 million facility was being built for the sole purpose of
making dual clutch transmissions for Chrysler, so when the automaker
terminated the deal last month, the German manufacturer said it was
forced to stop its operations in Tipton and cancel the project.
Getrag said the filing, which only involves the Tipton facility and
doesn't affect the other Getrag operations in the United States, will
allow it to deal with claims related to the project in an orderly and
equitable fashion.
The company also said Monday that it filed a countersuit against
Chrysler to recover costs related to the project and the reimbursement
of expenses incurred by Getrag and its suppliers in connection with the
project.

[This isn't connected to the facilities that make the MINI transmissions - CARMEN].

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Carmen Members Profile Send Private Message Find Members Posts Add to Buddy List MINI Motorer Joined: May/12/08 Location: Carnation Status: Offline Points: 233	Topic: ...hits a little close to home Posted: November/17/08 at 5:33am
	Getrag Transmission Facility Files For Bankruptcy Manufacturing.Net - November 17, 2008 STERLING HEIGHTS, Mich. (AP) -- Getrag Transmission Manufacturing LLC said Monday it filed for Chapter 11 bankruptcy protection for its Tipton, Ind., facility after Chrysler LLC pulled out of a financing options agreement and left the plant without a primary customer. The $530 million facility was being built for the sole purpose of making dual clutch transmissions for Chrysler, so when the automaker terminated the deal last month, the German manufacturer said it was forced to stop its operations in Tipton and cancel the project. Getrag said the filing, which only involves the Tipton facility and doesn't affect the other Getrag operations in the United States, will allow it to deal with claims related to the project in an orderly and equitable fashion. The company also said Monday that it filed a countersuit against Chrysler to recover costs related to the project and the reimbursement of expenses incurred by Getrag and its suppliers in connection with the project. [This isn't connected to the facilities that make the MINI transmissions - CARMEN].
	2008 MCS : almost 92k miles, full Service Bulletin SIM 11 02 07 performed at 63,964 by a Mini dealer. So far, so good.

YakiMini Members Profile Send Private Message Find Members Posts Add to Buddy List MINI Motorer Joined: November/08/05 Location: United States Status: Offline Points: 3531	Posted: November/20/08 at 12:53pm
	That is to bad! :-(
	MINI-less... If God allows, I will have one again some day. :D