Wrena, LLC Files For Chapter 11 Bankruptcy To Pursue Sale

9/23/2024 2:15:58 PM

(MENAFN- PR Newswire) DETROIT, Sept. 23, 2024 /PRNewswire/ -- Wrena, LLC, a leading full-service automotive supplier of stamped structural, tubular components, assemblies, and fine blank components, today announced that it has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Michigan to pursue a sale of the company's assets. The decision aims to facilitate a sale process that will maximize value for stakeholders and ensure the continued supply of high-quality products to Wrena's customers.

The company has faced significant challenges due to rising costs, an isolated warranty claim that resulted in a significant judgment, and other market pressures, which prompted the decision to restructure through a court-supervised sale process.

"After consideration of available options, we have determined that the sale of our business through a Chapter 11 process is the best path forward," said Wrena's Chief Restructuring Officer,
Scott
Eisenberg. "This process will allow us to continue operations, preserve jobs, and position the company for future success under new ownership."

To support ongoing operations during the sale process, Wrena has secured the use of cash collateral and debtor-in-possession (DIP) financing, subject to court approval. The company anticipates that the cash collateral usage and DIP financing will allow it to continue operating without
interruption,
including paying
employees,
meeting customer
demands,
and
fulfilling
its post-bankruptcy obligations to suppliers.

The
company's
legal
advisors
are
Wolfson
Bolton Kochis
PLLC
(Scott A.
Wolfson
and
Anthony J. Kochis),
financial
advisors DWH (Heather
Gardner and
Ryan
Seely), and
investment
banker Cascade Partners (Matthew Miller, Shareef Simaika, Bob Carey).

For
more
information
about
the
bankruptcy
filing
and
sale
process,
please visit
or contact Scott Eisenberg, CRO.

SOURCE Wolfson Bolton Kochis PLLC

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