Harvard Industries, Inc. – Trim Trends Division
The Trim Trends Division (‘TT’) of Hayes-Albion Corporation, a wholly owned subsidiary of Harvard Industries, Inc. (‘Harvard’), is a manufacturer of fabricated metallic products such as window frames, door sashes, drip rails, door intrusion beams and seat brackets. In addition, it produces transmission components, metal fans and other roll-formed, stamped, rotary cold-formed and assembled products. TT manufactures products that protect the passenger by meeting or exceeding manufacturer specifications for front, rear and side impacts.
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 sale of the US assets to an outside investor’s newly formed entity under Section 363 of the U.S. Bankruptcy Code and the stock of the Canadian subsidiary through a Canadian insolvency proceeding. The transaction closed in October 2002.