US EditionAuto supplier goes bankrupt after $30M verdict in defective parts lawsuit
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Auto supplier goes bankrupt after $30M verdict in defective parts lawsuit
Southfield, Mich.-based automotive supplier Wrena LLC filed for bankruptcy Monday with the intention of selling the business after being ordered to pay $30 million in a lawsuit over defective parts. The company petitioned for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Michigan with liabilities between $10 million and $50 million, and just over $2 million in machinery and equipment assets, …
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