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The Troy, Michigan-based company is a supplier of laser-welded blanks and primarily serves the automotive industry. It also produces laser-welded tubes, roll-formed products and other steel components. Since late February, Noble International has relied on financing arrangements from its customers to help sustain its North American operations. The company said recently that three of its customers had initiated plans to resource their purchases of laser-welded products from the company's U.S. and Canadian facilities to other suppliers. As a result of these developments and what it terms "the continued hardships confronting the automotive industry," Noble determined that Chapter 11 bankruptcy protection was "in the best interest of the company, its creditors, stockholders and other interested parties." Noble said it anticipates that Chapter 11 protection and a DIP financing that it has negotiated with certain of its customers, if approved by the bankruptcy court, will enable the company to pursue possible sales of the company's remaining operations. FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net. Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279). http://www.financialwire.net For full details for NOBL click here.
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