Cadence files for Chapter 11

摘要

Another major automotive supplier has-turned to bankruptcy protection. In late August, 746 million Cadence Innovation (Troy, MI; www.cadenceinnovation.com) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code, citing a poor economy, high fuel and material costs, falling OEM production volumes, and substantial changes in the types of vehicles being made in the United States as reasons for its filing.