ASC Files Bankruptcy
By Michelle Krebs May 4, 2007Another Detroit-area automotive supplier -- ASC Inc. -- has filed for Chapter 11 bankruptcy protection.
Formerly known as American Sunroof Co., ASC, headquarter in the suburbs south of Detroit, supplies roof systems, body systems and other specialty-vehicle systems to global automakers. The company filed bankruptcy, owing millions of dollars to hundreds of creditors even though it sold off much of its equipment to try to pay its bills.
Most recently, the company was known for building the Chevrolet SSR.
ASC had been trying to position itself as a specialty car manufacturer â- the Ferrari of North America â- with former Ford and Chrysler executive Chris Theodore as its vice chairman.
Ford never should have let Theodore go. A consummate product guy who is widely respected within the industry and has friendly relations with the media, virtues Ford desperately needs now.
Theodore has more than 30 years in the auto industry. At Chrysler, he had a hand in the Chrysler PT Cruiser, the original Dodge Viper, the second-generation minivans and the original Jeep Grand Cherokee.
He left Chrysler for Ford in 1999 where he ended up with the title of advanced vehicle creation. He was considered the Father of the Ford GT. Also as Ford’s chief product guru, Theodore was responsible for vehicles like the Ford Mustang and Ford F-150. He lost in a political battle when less product-competent executives were promoted above him. Some of them are now gone.
One wonders if he’ll stick around through ASC’s bankruptcy. Some car company would be blessed to have him –- especially Ford.
Meantime, ASC has a rich history of personalities. The company was founded in 1965 by the well-known Heinz Prechter, a German immigrant who came to the U.S. with only a few bucks in his pocket. Prechter became well known in automotive circles as well as Republican political ones. Prechter, who silently suffered from depression, committed suicide. After his death, a foundation was created in his name at the University of Michigan to study bipolar disorders.
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