Dura Files for Bankruptcy

The company arranges $300 million in financing.
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Automotive-parts supplier

Dura Automotive Systems

(DRRA)

filed Chapter 11 after failing to find a better option for restructuring its balance sheet and cutting its debt.

The bankruptcy filing includes its U.S. and Canadian units, but its operations elsewhere, which account for about 51% of its revenue, aren't involved.

Dura joins names like

Delphi

(DPHIQ)

,

Tower Automotive

(TWRAQ)

and

Dana

(DCNAQ)

in filing for bankruptcy amid hard times in Detroit, primarily for

GM

(GM) - Get Report

and

Ford

(F) - Get Report

.

Shares of Dura were down 9 cents to 20 cents in premarket trading Monday.

The company said that it "elected to pursue a restructuring under court protection as it will facilitate both a financial restructuring and Dura's ongoing operational restructuring, the successful implementation of which will help Dura overcome current financial and industry pressures and position the company for long-term success."

Dura has arranged for about $300 million in debtor-in-possession financing from Goldman Sachs, GE Capital and Barclays.