Losing job in Kenton

Cordova, TN

#944 Jun 11, 2008
What cant you people stay on topic? Why all the name calling? Union vs non-union, black or white it seems we are all in the same boat, unemployed! At the very least the union plants will have someone representing them in court. Who is asking on our behalf for severance pay or the rest of the vacation days we will lose? Does anyone no ,if the union plants get what they are asking for, if the non-union plants will get the samething? What is the Management Incentive Plan that was approved by the courts, and do hourly employees get any of this money? Any info?
working american

Somerset, KY

#945 Jun 13, 2008
Plastech to name bidders for assets
BY JEWEL GOPWANI • FREE PRESS BUSINESS WRITER • June 13, 2008
Post a CommentRecommend Print this page E-mail this article
Share this article: Del.icio.us Facebook Digg Reddit Newsvine What’s this?
Plastech Engineered Products Inc. appeared close to naming the lead bidders for the bulk of the Dearborn supplier's businesses Thursday.
The plastics supplier in bankruptcy is to hold an auction Monday for its main business segments, including its interiors, exteriors and stamping businesses. The company this week had sought three extensions of a Wednesday deadline to name potential lead bidders.
While the bidders had not been disclosed by Thursday evening, Plastech said in a court filing late last month that its creditors are encouraging Plastech to sell its interiors division -- the biggest portion of its business -- to its largest customer, Johnson Controls Inc.
The deal would transfer Plastech's UAW labor contracts in the interiors business and one plant in Lansing to Johnson Controls.
But the company's exterior business, which makes plastic exterior trim such as bumpers, likely would be shut, with its machinery and book of business, or customer contracts, to be sold off.
The UAW said in court papers filed Wednesday that the liquidation of the exteriors business would technically violate its labor agreement with Plastech. The UAW and Plastech have held discussions to reach a settlement over the jobs lost in such a deal.
The company has already told workers in at least four plants, including one in Romulus, that those factories could close by next month. Monday's auction would be one of the last steps in a whirlwind bankruptcy for the plastics supplier.
Plastech filed for Chapter 11 protection on Feb 1, just as the company sought another round of financial help from its customers. Chrysler LLC decided to pull its business from Plastech, throwing the supplier's shaky finances further into flux and forcing it to file for Chapter 11.
But the automaker has stayed on board, giving some financial assistance to ensure the supplier makes parts for its vehicles.
Last month, a judge approved the company's plan to put its assets up for sale.
The company wants to have its future determined before the start of the industry's July shutdown, when automakers and suppliers retool their plants for new models, a period that can be costly because no revenue is coming in.
working american

Somerset, KY

#946 Jun 13, 2008
Johnson Controls named top bidder for Plastech unit
Fri Jun 13, 2008 11:22am EDT Email | Print | Share| Reprints | Single Page| Recommend (0)[-] Text [+]


powered by Sphere
Market News
Stocks jump as data eases inflation worry | Video
Oil drops on report Saudi eyes output increase | Video
Lehman shares surge 10.5 pct on short covering
More Business & Investing News... Featured Broker sponsored link
Learn to Trade with a FREE Guide.DETROIT,, June 13 (Reuters)- Bankrupt auto parts supplier Plastech Engineered Products Inc said on Friday it has named Johnson Controls Inc (JCI.N: Quote, Profile, Research, Stock Buzz) as the lead bidder for its interiors business and also named top bidders for other units.

Plastech received court approval to sell its businesses in a June 16 public auction and designate lead bidders before the date to establish a floor for the auction.

Privately held Plastech, whose major customers include the three Detroit-based automakers, named Decoma International of America and JD Norman Ohio Holdings as the lead bidders for its exteriors and stamping businesses, respectively, the supplier said in court filings.

Dearborn, Michigan-based Plastech filed for Chapter 11 bankruptcy protection in February in a move that prompted a legal dispute with Chrysler LLC and briefly idled five of the automaker's assembly plants.(Reporting by Soyoung Kim; editing by Jeffrey Benkoe)

© Thomson Reuters 2008 All rights reserved
employee

AOL

#947 Jun 13, 2008
aug 10th they will shut the doors at in franklin tn plastech they gave us 60 days notice
Toe

Orlando, FL

#948 Jun 14, 2008
employee wrote:
aug 10th they will shut the doors at in franklin tn plastech they gave us 60 days notice
I would like to know who this person is or give me a clue because I use to work at the Franklin Plant a year ago. No, I'm not trying to get this person in trouble. I just want to know who is this person and I will give you a Clue to who I am(Tony).
Toe

Orlando, FL

#949 Jun 17, 2008
So the person don't want to come forward, ok. How about you email me then and no one else would know who you are but me. My email is [email protected] maybe you would tell me then. I'll be waiting to hear from you soon.
working american

Somerset, KY

#950 Jun 19, 2008
Sale of most of Plastech's assets OK'd
BY JEWEL GOPWANI • FREE PRESS BUSINESS WRITER • June 19, 2008

Read Comments(6)Recommend (2)Print this page E-mail this article
Share this article: Del.icio.us Facebook Digg Reddit Newsvine What’s this?
A bankruptcy judge approved the sale of most of Plastech Engineered Products Inc.'s assets Wednesday, moving the Dearborn auto supplier closer to liquidating.

The decision by U.S. Bankruptcy Judge Phillip Shefferly sets the stage for new owners to take possession of the company's interiors, exteriors, stamping and carpet businesses. The company has said it wants to close on the sales by the end of the month.

"It's the best, if not the only, alternative available to this debtor," Shefferly said Wednesday evening while giving his decision after a day of hearings.

Plastech, which was already struggling financially, was pushed into filing for bankruptcy Feb. 1 after Chrysler LLC threatened to cancel its business with the supplier and seize its tooling.

Plastech plans to sell the machinery in its exteriors business to a new joint venture between Magna International Inc. and a group of Plastech's lenders.

Workers at five Plastech Engineered Products Inc. exterior plants slated for closure will be eligible for as much as two weeks of severance pay as those plants are stripped of their machinery and customer contracts in coming weeks.

Workers with fewer than five years' seniority would see a week of severance.

Workers with more than five years' seniority would receive two weeks of severance.

The severance comes in a settlement between the UAW and Plastech, the company's lead bankruptcy attorney Gregg Galardi said during a daylong hearing on the sale of Plastech's businesses Wednesday.

Another joint venture between that same group of lenders and Johnson Controls Inc. will purchase Plastech's interiors business -- the largest piece of the company -- for more than $199 million.

In both transactions there will be little cash changing hands.

Instead, Plastech's lenders are trading debt that the supplier owes them to buy Plastech's two largest businesses.

A bankruptcy judge also approved the sale of the following Plastech assets:

• Plastech's stamping business to Illinois-based JD Norman Industries Inc. for $4.5 million.

• Machines in Plastech's carpeting plant to Bloomfield Hills-based BBi Enterprise for $650,000.

Two patents to Ford Motor Co. for $40,000.
working american

Somerset, KY

#951 Jun 19, 2008
I wonder if the Kenton plant is going to get that severance pay???
kenton worker

Bakersfield, CA

#952 Jun 20, 2008
5:55 p.m., Jun. 19, 2008 E-mail this article | Print this article
Trustee asks judge to block $1M in bonuses for Plastech management
By Ryan Beene
----------
Advertisement
----------
United States Trustee Habbo Fokkena, assigned to the Plastech Engineered Products Inc. Chapter 11 bankruptcy case, is asking a judge to block a motion that would arrange to pay Plastech management a $1 million bonus.
If approved, the $1 million would be split between four tiers of potential recipients after Dearborn-based Plastech completes the sale of its business units.
Managers at Plastech exteriors plants — including plants slated for closure in Shreveport, La. and Kenton, Tenn., and interiors division management that are not offered positions when Johnson Controls Inc. acquires the business unit — would split $200,000.
Corporate managers who assisted in building parts banks for Plastech customers would split $75,000, and corporate managers who are not offered jobs by JCI would split $100,000.
Executives on the payroll who are not offered a job by JCI would split $125,000.
But members of the senior executive payroll would split a $500,000 bonus for the work demanded by the plastic parts supplier’s fast-paced, complex Chapter 11 case. Senior executives would be paid even if they are offered positions by JCI, according to bankruptcy court documents.
The $1 million would come from JCI, Ford Motor Co., General Motors Corp. and Chrysler LLC — Plastech’s customers who are financing the supplier as it works to reorganize under Chapter 11 protection.
Fokkena is asking a judge to block the bonus because, he argues, the legal foundation upon which the Plastech lawyers say the bonus is not sound.
He argues the bonus is an incentive to retain certain employees, while Plastech says it is not a retention incentive, but a reward for efforts to sell off Plastech’s business units.
One issue Fokkena points out in his objection is that the motion “does not describe what extraordinary steps the employees would take, above their normal duties, to earn these ‘incentive bonuses,’” according to court documents.
Fokkena added that Plastech has employed professionals to help sell its business units, so the bonus would be paying Plastech management for work already done by others.
A judge will make a ruling on the management bonus during a June 26 hearing at a U.S. Bankruptcy Court in Detroit.
Additional Articles
working american

Somerset, KY

#953 Jun 20, 2008
just read that interesting to know that the management is getting good money when Kenton closes and the operators aren't getting squat
kenton worker

Bakersfield, CA

#954 Jun 20, 2008
4:25 p.m., Jun. 20, 2008 E-mail this article | Print this article

Plastech CEO may get $9.25 million after sale of interiors business
By Ryan Beene

Brown

Plastech Engineered Products Inc. CEO Julie Brown could receive $9.25 million when Johnson Controls Inc. completes the acquisition of the financially troubled supplier’s interiors business.

Plastech attorneys are asking a U.S. Bankruptcy Court judge in Detroit to approve a series of claim settlements between a syndicate of Plastech creditors, term lenders and Brown as the Dearborn-based supplier’s Chapter 11 case winds down.

If approved by the judge, Brown would receive $9.25 million, paid in annual installments of $1.85 million over the next five years, according to court documents filed late Thursday.

The money would come from the coffers of JCIM L.L.C., the new company owned and controlled by some of Plastech’s term lenders and Johnson Controls, formed to buy Plastech’s interiors business.

The Brown settlement also says Plastech Holding Co., a company 100 percent owned by Julie Brown, will continue to own more than one residence in Arizona, a residence in Rhode Island, as well as manufacturing facilities in Romulus, Caro, and Kentwood.

A hearing on the settlement could be held as early as June 26.

Plastech filed for bankruptcy protection on Feb. 1. The company plans to sell its main business units, essentially dismantling the company.

----------
Advertisement


Showing posts 1541 - 1549 of 1549 « prev | next » Go to last post | Jump to page
the floor

AOL

#955 Jun 20, 2008
beeding heart wrote:
<quoted text>
and what 2 process techs might that be?
STEVE AND KYLE ! HAHAHA
the floor

AOL

#956 Jun 20, 2008
working american wrote:
Thats because you are all a bunch of weak back b..chs
screw you yeswecan
yeswecan is just trying to motivate you to stand up and say "ENOUGH". Ben Franklin said " If we don't hang together , we will certainly hang seperatly..." If american people would put their petty differences aside for just a little while and stand together , this country would be ran for us by us instead of coperate america .
Tell it like it is

Rayville, LA

#958 Jun 20, 2008
the floor wrote:
<quoted text>
yeswecan is just trying to motivate you to stand up and say "ENOUGH". Ben Franklin said " If we don't hang together , we will certainly hang seperatly..." If american people would put their petty differences aside for just a little while and stand together , this country would be ran for us by us instead of coperate america .
Now you want to stand together?? You're an idiot!!! We ain't getting anything, the UAW is worthless!!! I paid dues for nothing all these years!!
they_keep_us_dow n

Brighton, TN

#959 Jun 20, 2008
kenton worker wrote:
5:55 p.m., Jun. 19, 2008 E-mail this article | Print this article
Trustee asks judge to block $1M in bonuses for Plastech management
By Ryan Beene
----------
Advertisement
----------
United States Trustee Habbo Fokkena, assigned to the Plastech Engineered Products Inc. Chapter 11 bankruptcy case, is asking a judge to block a motion that would arrange to pay Plastech management a $1 million bonus.
If approved, the $1 million would be split between four tiers of potential recipients after Dearborn-based Plastech completes the sale of its business units.
Managers at Plastech exteriors plants — including plants slated for closure in Shreveport, La. and Kenton, Tenn., and interiors division management that are not offered positions when Johnson Controls Inc. acquires the business unit — would split $200,000.
Corporate managers who assisted in building parts banks for Plastech customers would split $75,000, and corporate managers who are not offered jobs by JCI would split $100,000.
Executives on the payroll who are not offered a job by JCI would split $125,000.
But members of the senior executive payroll would split a $500,000 bonus for the work demanded by the plastic parts supplier’s fast-paced, complex Chapter 11 case. Senior executives would be paid even if they are offered positions by JCI, according to bankruptcy court documents.
The $1 million would come from JCI, Ford Motor Co., General Motors Corp. and Chrysler LLC — Plastech’s customers who are financing the supplier as it works to reorganize under Chapter 11 protection.
Fokkena is asking a judge to block the bonus because, he argues, the legal foundation upon which the Plastech lawyers say the bonus is not sound.
He argues the bonus is an incentive to retain certain employees, while Plastech says it is not a retention incentive, but a reward for efforts to sell off Plastech’s business units.
One issue Fokkena points out in his objection is that the motion “does not describe what extraordinary steps the employees would take, above their normal duties, to earn these ‘incentive bonuses,’” according to court documents.
Fokkena added that Plastech has employed professionals to help sell its business units, so the bonus would be paying Plastech management for work already done by others.
A judge will make a ruling on the management bonus during a June 26 hearing at a U.S. Bankruptcy Court in Detroit.
Additional Articles
How in the HELL do they DESERVE the money when we the workers that have to put up with the heat, people passing out becuz of it, and then freezing our asses off in the plant, while MANAGEMENT sits on their ass in a comfy office either in air conditioned or heat while we the workers suffer! Thats bullshit! They wouldnt be there if it hasnt been for us putting out good parts. They ought to share that with us, the workers! See how PLASTECH CARES?!?! YEAH RIGHT! PIECE OF SHIT OF A PLANT!!
kenton worker

Bakersfield, CA

#960 Jun 20, 2008
:25 p.m., Jun. 20, 2008 E-mail this article | Print this article

Plastech CEO may get $9.25 million after sale of interiors business
By Ryan Beene

Brown

Plastech Engineered Products Inc. CEO Julie Brown could receive $9.25 million when Johnson Controls Inc. completes the acquisition of the financially troubled supplier’s interiors business.

Plastech attorneys are asking a U.S. Bankruptcy Court judge in Detroit to approve a series of claim settlements between a syndicate of Plastech creditors, term lenders and Brown as the Dearborn-based supplier’s Chapter 11 case winds down.

If approved by the judge, Brown would receive $9.25 million, paid in annual installments of $1.85 million over the next five years, according to court documents filed late Thursday.

The money would come from the coffers of JCIM L.L.C., the new company owned and controlled by some of Plastech’s term lenders and Johnson Controls, formed to buy Plastech’s interiors business.

The Brown settlement also says Plastech Holding Co., a company 100 percent owned by Julie Brown, will continue to own more than one residence in Arizona, a residence in Rhode Island, as well as manufacturing facilities in Romulus, Caro, and Kentwood.

A hearing on the settlement could be held as early as June 26.

Plastech filed for bankruptcy protection on Feb. 1. The company plans to sell its main business units, essentially dismantling the company.

----------
Advertisement


Showing posts 1541 - 1549 of 1549 « prev | next » Go to last post | Jump to page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78
Page# Type in your comments to post to the forum
Name
(appears on your post) You are currently logged in as . Not ?
Name
(appears on your post)
working american

Somerset, KY

#961 Jun 21, 2008
5:55 p.m., Jun. 19, 2008 E-mail this article | Print this article


Trustee asks judge to block $1M in bonuses for Plastech management
By Ryan Beene


----------
Advertisement

----------

United States Trustee Habbo Fokkena, assigned to the Plastech Engineered Products Inc. Chapter 11 bankruptcy case, is asking a judge to block a motion that would arrange to pay Plastech management a $1 million bonus.

If approved, the $1 million would be split between four tiers of potential recipients after Dearborn-based Plastech completes the sale of its business units.

Managers at Plastech exteriors plants — including plants slated for closure in Shreveport, La. and Kenton, Tenn., and interiors division management that are not offered positions when Johnson Controls Inc. acquires the business unit — would split $200,000.

Corporate managers who assisted in building parts banks for Plastech customers would split $75,000, and corporate managers who are not offered jobs by JCI would split $100,000.

Executives on the payroll who are not offered a job by JCI would split $125,000.

But members of the senior executive payroll would split a $500,000 bonus for the work demanded by the plastic parts supplier’s fast-paced, complex Chapter 11 case. Senior executives would be paid even if they are offered positions by JCI, according to bankruptcy court documents.

The $1 million would come from JCI, Ford Motor Co., General Motors Corp. and Chrysler LLC — Plastech’s customers who are financing the supplier as it works to reorganize under Chapter 11 protection.

Fokkena is asking a judge to block the bonus because, he argues, the legal foundation upon which the Plastech lawyers say the bonus is not sound.

He argues the bonus is an incentive to retain certain employees, while Plastech says it is not a retention incentive, but a reward for efforts to sell off Plastech’s business units.

One issue Fokkena points out in his objection is that the motion “does not describe what extraordinary steps the employees would take, above their normal duties, to earn these ‘incentive bonuses,’” according to court documents.

Fokkena added that Plastech has employed professionals to help sell its business units, so the bonus would be paying Plastech management for work already done by others.

A judge will make a ruling on the management bonus during a June 26 hearing at a U.S. Bankruptcy Court in Detroit.

Julie Brown

Rayville, LA

#962 Jun 21, 2008
HAHAHA I'm walking away with 10 million dollars, I still own a plastic parts company, and I don't have to pay any of you worthless Plastech UAW ex-employees a dime!!! Just remember the next company you work for in your meager little towns won't be union and most of you will be working for Walmart!!! Suckers!!!!
EMPLOYEE

AOL

#963 Jun 21, 2008
Toe wrote:
So the person don't want to come forward, ok. How about you email me then and no one else would know who you are but me. My email is [email protected] maybe you would tell me then. I'll be waiting to hear from you soon.
SO IS THE TONY THAT WAS A DIE SETTER ON FIRST SHIFT ILL GIVE U A HINT BIG BOOTY YEA THEY TOLD US LAST FRIDAY THAT PLASTECH WAS SHUTTING THE DORS ON AUG THE 10TH MAN THATS MESS UP THEY SAID JCI BOUGHT IT BUT THEY NOT GOING TO KEEP IT OPEN IF THIS U IM GLAD NO HOW U DOING THAT WEIRD MAN SO WHAT U BEEN UP TO DUDE
they_keep_us_dow n

Brighton, TN

#964 Jun 21, 2008
Julie Brown wrote:
HAHAHA I'm walking away with 10 million dollars, I still own a plastic parts company, and I don't have to pay any of you worthless Plastech UAW ex-employees a dime!!! Just remember the next company you work for in your meager little towns won't be union and most of you will be working for Walmart!!! Suckers!!!!
well if we r worthless, so r u, go back to whatever country u come from and stay there, we dont need u here, u old skank!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Kenton Discussions

Title Updated Last By Comments
Travis Medley 5 min Heather 1
Blair Duncan 1 hr Interested 1
Ricky Sweatt 5 hr The Truth 1
Duncans 16 hr 726aby 1
CW Sandersons (Jun '13) Sep 19 Concerned 13
Kim Thomas (Jun '16) Sep 14 How 7
Brad hobbs Sep 9 Laws 3

Kenton Jobs

More from around the web

Personal Finance

Kenton Mortgages