Auto Parts Supplier Steel Parts Corp. Files for Bankruptcy

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uto parts supplier Steel Parts Corp. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of Michigan in Detroit last Friday, the company said Monday.

Steel Parts cited worsening conditions in the automotive supplier marketplace and unsustainable debt as factors in its decision to seek Chapter 11 protection.

Steel Parts said in a statement that filing for bankruptcy was necessary to maximize the value of its assets for its customers, suppliers and employees.