Mark IV Industries explained

Mark IV Industries, Inc., headquartered in Amherst, New York, is a manufacturer of automotive components. The company is known for power and fluid transfer products that are used primarily in automotive and industrial businesses.[1] It also introduced eco-friendly products that include air admission and cooling, lighting technologies, power transmission, and advanced radio frequency and information displays. The company, which had annual revenues of $1.34 billion in 2009,[2] operates in 16 countries, employing over 4,200 people.[3]

History

Mark IV Industries was one of the region's fastest-growing companies in the 1990s.[3] At its peak, it operated 37 manufacturing facilities, 26 distribution outlets, and 9 technical centers around the world.[4] Recently, however, the company has struggled with high debt loads. In April 2009, the company filed for bankruptcy protection from creditors, listing assets of $500 million and debt of more than $1 billion.[2] After six-months in Chapter 11, Mark IV had eliminated approximately $750 million in debt and liabilities, and emerged in November 2009 as a newly reorganized company.[5] The company has, however, found itself at the adverse end of a legal trend which strongly enforces environmental protection, as a judge of the Southern District of New York has found that the government’s right to an injunction to force an environmental cleanup is not a claim that can be discharged under the Bankruptcy Code.[6]

See also

Notes and References

  1. Book: Woodson, Hart . Global Convertible Investing: The Gabelli Way . John Wiley & Sons . 2001 . 0-471-20982-1 . New York . 267 . en.
  2. Web site: McCarty . Dawn . Sun Capital's Mark IV Files for Bankruptcy Protection (Update2) . Bloomberg . 2009-04-30 . 2012-02-10.
  3. Web site: Mark IV gets court OK to emerge from bankruptcy: Secured lenders to have 88% ownership stake | North America > United States from . AllBusiness.com . 2012-02-10.
  4. Book: National JobBank 2010 . Simon and Schuster . 2010 . 978-1-4405-1317-6 . en.
  5. Web site: Mark IV Emerges from Chapter 11; Closes on New $145 Million Credit Facility - AMHERST, N.Y., Nov. 13 /PRNewswire/ . New York . Prnewswire.com . 2012-02-10.
  6. Web site: Southern District of New York Says Environmental Injunctions are Not Claims Subject to Discharge in Bankruptcy . Business-finance-restructuring.weil.com . 13 October 2011. 2012-02-10.