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GETRAG Transmission Manufacturing LLC (GTM LLC) has filed for protection under chapter 11 of the United States Bankruptcy Code for its Tipton, Indiana facility. The GTM LLC facility in Tipton was being constructed for the sole purpose of manufacturing dual clutch transmissions for Chrysler LLC (Chrysler).
This action is a direct result of a recent termination by Chrysler of contractual agreements related to the construction and operation of a dual clutch transmission manufacturing facility in Tipton. Also as a result of Chrysler's actions, GTM LLC has been forced to terminate its operations in Tipton and cancel the project. The filing will enable GTM LLC to deal with all claims related to the project in an orderly and equitable fashion.
GTM LLC and its German affiliate also filed a countersuit on October 30, 2008 against Chrysler to recover, among other elements, costs associated with the project and reimbursement of all expenses incurred by GTM LLC and its suppliers in connection with the project.
"We recognize these developments have had significant impact on all of our stakeholders, including employees, suppliers and the Tipton community," said Jim Shoup, GTM LLC Chief Executive Officer. "We ask for their patience and understanding as we manage through this process." Shoup also indicated the organization will continue to update the creditors of GTM LLC throughout the process.
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