Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Wagon Automotive will file for bankruptcy, slash 5,000 jobs

Posted: December 8th, 2008 | Author: | Filed under: By Location, UK | No Comments »

Wagon Automotive, one of the largest car parts maker in the UK, is taking steps to file for bankruptcy, a move which would reportedly cost up to 4,500 jobs.

The company is controlled by WL Ross & Co, the entity run by American billionaire investor Wilbur Ross, which holds over 86 per cent stake in Wagon Automotive.

Earlier in November, Wilbur Ross had stepped down from the board of the company.

“Wagon Automotive, one of the country’s largest car-parts groups, has confirmed it is going into administration, putting at risk up to 4,500 jobs across Europe, including 500 in the UK,” The Telegraph said in a report published online today.

According to the regulatory filing, it is expected that Alastair Beveridge, Simon Appell and Stuart Mackellar of Zolfo Cooper LLP would be appointed shortly as joint administrators to Wagon plc and several UK subsidiaries.

From Times of India

More on Recession and Job Cuts -

Leave a Reply