Dura Automotive Systems
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
in filing for bankruptcy amid hard times in Detroit, primarily for
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.