Rochester,NY 8/11/2009 12:47:46 AM
American Axle & Manufact. Holdings, Inc. AXL-Chance alive as it battles with debt
American Axle & Manufact. Holdings, Inc.
American Axle & Manufacturing Holdings Inc.'s chance remains up in the air as the struggling auto-parts supplier battles to find an out-of- court solution to its liquidity issues.
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The company is striving for survival as it awaits a rebound in demand from its largest customer, General Motors Co., which emerged from bankruptcy last month.
American Axle's stock and bonds have rallied significantly in recent sessions, but the cost of saving the firm's debt against a default remains at severely distressed levels. The company's management this week showed a strong desire to restructure out of court, but gave no certainty that its efforts to avoid bankruptcy would pay off.
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