Veltri Metal Products files for Chapter 11

Washington, Jan. 14 - Veltri Metal Products, Inc. filed for Chapter 11 in the U.S. Bankruptcy Court in Detroit. Its Canadian subsidiary filed for bankruptcy in the Ontario Superior Court of Justice.

Veltri, which supplies parts to DaimlerChrysler Corp. and General Motors, cited liquidity concerns as the reason for the filing.

The Troy, Mich.-based company will get secured financing from GMAC Commercial Finance, LLC.

Its outstanding debt, net of cash at the end of the second quarter on July 5, 2003 was $60 million.

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