DETROIT (Dec. 6, 2005) — Aluminum wheel maker Amcast Industrial Corp. has again filed for Chapter 11 bankruptcy court protection—just three months after emerging from a previous Chapter 11 filing, according to court documents.
The Freemont, Ind., supplier of light vehicle aluminum wheels to General Motors Corp. listed assets of $81.6 million and debts of $80.2 million, according to documents filed in U.S. Bankruptcy Court for the Southern District of Indiana in Indianapolis.
About 80 percent of the company's revenue comes from GM. According to the documents, GM's auditors confirmed that the company loses significant money on each of the Chevrolet Corvette wheels manufactured and sold.
“All previous attempts to renegotiate contractual pricing to an acceptable level of profitability have been denied,” according to Amcast's filing.
The company employs 727 people.
The largest trade creditor in the case is Zhejiang Wanfeng Auto Wheel Co. Ltd. of Southfield, Mich. It is owed $989,380.