American Axle MFG in trouble
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American Axle MFG in trouble
AAM is being hit hard because of Chrysler and GM - Link
NEW YORK (Reuters) – American Axle & Manufacturing Holdings Inc's (AXL.N) auditors have said the auto supplier may go out of business because of pressure on its main customers, General Motors (GM.N) and Chrysler (CBS.UL).
"As a result of the current automotive industry environment and the uncertainty relating to the ability of GM and Chrysler to continue operating as going concerns ... it is uncertain whether we will be in compliance with the financial covenants ... throughout 2009," the company said in an SEC filing on Friday.
"Should (the company) fail to be in compliance with these covenants and we are unable to obtain a waiver or amend these covenants, we may be unable to continue as a going concern."
"As a result of the current automotive industry environment and the uncertainty relating to the ability of GM and Chrysler to continue operating as going concerns ... it is uncertain whether we will be in compliance with the financial covenants ... throughout 2009," the company said in an SEC filing on Friday.
"Should (the company) fail to be in compliance with these covenants and we are unable to obtain a waiver or amend these covenants, we may be unable to continue as a going concern."
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screw AMERICAN axle!!! My brother worked there they went on strike,american axle had plenty of ASIAN,MEXICAN,INDIA,ARAB workers to keep working. They even got RUSSIAN truck drivers to cross the picit lines!!!! Cant afford to live let them keep dropping your wages to compete with other countries. Why doesnt AMERICAN axle ask for money from MEXICO thats where they took the work to!!!!! ITS TIME FOR A REVOLUTION NOW!!!
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I think that's the last attitude we want to have, if they go under what will the parts availibillity, cost and quality be for the THOUSANDS of Dodge trucks out there running this axle (including my 06 Mega).
Sad times.
Sad times.
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From: Wichita Falls, TX
I think losing the parts for our trucks should be the least of our worries. We should be more concerned about the individuals that work for them that may lose their jobs. So many people in this world, and on this forum are more concerned about their material goods than their fellow man. There is alot more I would like to say, but the mods wouldn't be pleased.
Marshall
Marshall
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From: Red Deer, Alberta
screw AMERICAN axle!!! My brother worked there they went on strike,american axle had plenty of ASIAN,MEXICAN,INDIA,ARAB workers to keep working. They even got RUSSIAN truck drivers to cross the picit lines!!!! Cant afford to live let them keep dropping your wages to compete with other countries. Why doesnt AMERICAN axle ask for money from MEXICO thats where they took the work to!!!!! ITS TIME FOR A REVOLUTION NOW!!!
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If this is the new American way I'm not proud to be American.
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I think losing the parts for our trucks should be the least of our worries. We should be more concerned about the individuals that work for them that may lose their jobs. So many people in this world, and on this forum are more concerned about their material goods than their fellow man. There is alot more I would like to say, but the mods wouldn't be pleased.
Marshall
Marshall
Well there is very little I can do o save those jobs, in fact I beleive I allready did my part.
I bought their product and gave them my money (via Chrysler) in good faith that they would be capable of servicing my purchase in the future.
I did this assuming they were capable of managing thei business and affairs in an efficient enough manner that they would be in business in the future.
Sorry if I am wrong for that.....
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From: Kerrville eastern new mexico, west texas
ibelieve a lot of automotive plant workers are paid way too much for some of their jobs. if it took a pay cut in order to keep my job then i believe i would darn sure consider it. sometimes something is better then nothing
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From: Live Oak Texas
Unfortunatly for me, I was laid of from an awesome paying manufacturing job (I was a production manager) so this job was a major pay cut to begin with and further cuts hurt more. But I am thankful to still have a job.
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The article is simply stating the obvious: If GM and/or Chrysler fail, AAM may well also fail. I suspect that all automotive manufacturer parts supplier auditors are inserting that same language into Annual Reports. That's their fiduciary duty.
