Tuesday, December 16, 2008
Special Devices Files For Bankruptcy
Moorpark-based Special Devices, a manufacturer of devices for the automotive industry, has filed for bankruptcy. The firm said late Monday that it has filed for Chapter 11 bankruptcy, and will continue to operate all of its business units during the restructuring. Special Devices is a major manufacturer of airbag deployment devices, defense and aerospace products, and mining and blasting products. Special Devices said it has received $20M in "debtor-in-possession" financing from Wayzata Investment Partners, LLC, it's largest creditor, in connection with the bankruptcy filing.