The state will likely become just another creditor.Sakthi Automotive received the entire $3.5 million Michigan Business Development Program grant by creating 350 jobs. "Neither Mahalingham nor Swee Chuan could be reached for comment. The MEDC confirmed to Please select at least one newsletter to subscribe.You can unsubscribe at any time through links in these emails.
The automotive supplier Sakthi, which makes aluminum castings for GM cars, has laid off 150 workers as the auto giant has parted ways following reports … It planned to redevelop the deteriorating Southwestern High School and its football field. The state will likely become just another creditor.Sakthi Automotive received the entire $3.5 million Michigan Business Development Program grant by creating 350 jobs. ""Honestly, the receiver is not very smart," Kumar said. A month later, Weihai Bethel-Sakthi Automotive Safety Systems Co., another joint venture of Sakthi Group, threatened to stop shipping castings to Sakthi Automotive until it was paid $6 million in past-due bills, according to court documents.By the end of June, Sakthi Automotive needed $25 million just to maintain operations, Fischer told the court.Huntington, GM and other lenders petitioned the court to put the company into receivership.After months of posturing and legal filings, U.S. District Judge Stephen Murphy appointed a receiver — Kevin English of Lark Advisors LLC — to oversee the finances and operations of Sakthi Automotive in May.By September, Aapico emerged as the stalking horse bidder to acquire the remaining assets it didn't already own of Sakthi Automotive. "Neither Mahalingham nor Swee Chuan could be reached for comment. The knuckle and steering arm supplier transformed a shuttered ArvinMeritor plant and planned to repurpose a 98-year-old former high school into a training center. Choose your news – we will deliver. It's a hot mess.
It prioritized hiring Detroiters and also gave more than 200 parolees a second chance with employment.The company even shifted 90 percent of its aluminum castings work to Detroit from overseas.By 2020, Sakthi Automotive estimated, it would invest more than $100 million in the city. Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.Magna buying majority stake in Chinese seat maker HLZX Emails to Sakthi Group in India and Aapico in Thailand received no response. "If you're smart, you should know that GM was preparing to move its work if you gave them a reason. "Whether he thought he had leverage, I don't know, but that's Defcon 1," a source said. Rick Snyder.But behind the scenes, Sakthi Automotive's owners were battling over control while operations stumbled and financials tanked to the tune of about $1 million in losses per week during the spring and summer of this year.The result was a lawsuit filed by Huntington Bank in March, putting the company into receivership, and the loss of its largest customer, General Motors.Sakthi Automotive likely will liquidate its assets and shutter operations in the coming months, barring the emergence of a buyer, according to documents filed this month in U.S. District Court in Detroit.Representatives from Sakthi Automotive did not return phone calls on the matter. "These guys started making decisions that were not in the best interest of the company.
Representatives from Duggan's office did not make themselves available to discuss Sakthi Automotive.Sakthi Automotive was founded as a subsidiary of India-based conglomerate Sakthi Group to strengthen its operations in the U.S. Sakthi is best known for its commercial sugar operations in India as well as a logistics and auto dealership arm.But Sakthi needed a cash infusion to meet customer demand after securing contracts with GM, Ford Motor and Volkswagen Group.
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