Harvard Industries Inc. – The Rock Valley Machining Division
The Rock Valley Machining Division of Hayes-Albion Corporation, a wholly owned subsidiary of Harvard Industries, Inc. (‘Harvard’), produces ultra-precise shafts for use in industrial applications including various engines and power generation.
The decrease in automotive production volumes in the late 2001, coupled with certain legacy liabilities, adversely affected Harvard’s borrowing base, revenue and cash flow, causing Harvard to file for protection under Chapter 11 of the U.S. Bankruptcy Code.
Harvard retained SSG in January 2002 to sell the Company as a whole or by division, in order to maximize the value to secured creditors. SSG consummated the sales with a newly formed entity, Total Component Solutions, Inc., which consists of current management and outside investors under Section 363 of the U.S. Bankruptcy Code. The transaction closed in July 2002.