American Specialty Cars files for Chapter 11


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We're sure some of you have heard of ASC, formerly American Sunroof Company and now known as American Specialty Cars.

Back in the 1980s and early '90s as they were the builder of the ASC McLaren Mustangs.  ASC produced 2,725 Mustangs from 1984-1990 in coupe and convertible form.  These days ASC is not doing so well as they have filed for Chapter 11 bankruptcy protection.  The company reports owing hundreds of thousands to many of it's suppliers after a few failed business deals with GM and Dodge. 

The deal that sank their ship was the Chevy SSR truck which General Motors commisioned ASC to build in 2001 along with three other unnamed vehicles that never made it to production.  ASC invested some $250 million in it's operations to produce the SSR which as most of you know did not fair so well with consumers.  Sales for the SSR were lackluster and GM ultimately canceled production.

In 2005 ASC started looking for a potential buyer and found one for their sunroof and design businesses,Hancock Park Associates, a private equity firm in LA who also owns Saleen Inc.  Their other divisions will be reorganized and come out of bankruptcy once the creditors are taken care of.

Don't count ASC out yet as they will be around in some form or fashion for years to come.

 

 

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