Burlington, PPI seek bankruptcy shelter
Dec 12, 2008 | 12:53 PM
| Tom Jennemann
Two more metal manufacturers filed for bankruptcy protection late last week as the weakness in the auto sector and other areas of the economy claimed more victims.
Burlington Technologies Inc., which owns aluminum auto parts maker Alumetco, has filed for protection under Canada's Companies Creditors' Arrangement Act (CCAA), resulting in the immediate layoff of about 130 employees, according to union officials.
CCAA is roughly equivalent to Chapter 11 bankruptcy protection in the United States. Under the terms of the restructuring process, about 85 locked-out workers at Alumetco in Brantford, Ontario, were laid off immediately. An additional 45 jobs were cut from the company's operations in Burlington and Cambridge and at its head office in Oakville, all in Ontario.....
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