Auburn Hills-based Unique Fabricating launched its IPO in 2015.
PSC Industries, a unit of PMC Global Inc., has completed its purchase of bankrupt Auburn Hills, Mich.-based auto supplier Unique Fabricating through the U.S. Bankruptcy Court for the District of Delaware.
Louisvile, Ky., purchased machinery, inventory, raw materials and factories in Georgia and Louisville from Unique in the case settled Feb. 2.
PMC Global of Sun Valley, Calif., is a consortium of businesses headed by plastics industry veteran Philip Kamins.
In November, Unique filed for Chapter 7 bankruptcy liquidation, a rare move for an auto supplier. The asset sale was approved two weeks ago before the sale was consummated.
Unique Fabricating made plastic and rubber components for customers including Stellantis NV, General Motors Co., Yanfeng Automotive Interior Systems, Rivian Automotive Inc. and Bosch.
After petitioning for liquidation, the company ceased operations and terminated nearly 1,000 employees across all of its subsidiaries. At the same time, Stellantis, Yanfeng and General Motors banded together in an attempted $15 million bailout of Unique Fabricating that proved unsuccessful.
Soon after the bankruptcy filing, Unique's customers petitioned the court to take over tooling they owned within the supplier’s plants.
Unique launched its public offering in 2015 at $11 per share. It lost nearly all its value in the weeks leading up to bankruptcy.
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