Grand Haven, MI (WGHN) – Turbo Components Inc., which has two facilities in Spring Lake Township has filed for bankruptcy protection.
According to Crains Grand Rapids, the company filed on April 28 in the U.S. Bankruptcy Court in the Western District of Michigan. The company filed under Subchapter V of the U.S. Bankruptcy Code, which took effect in early 2020 to help small businesses by reducing the cost and time of a typical Chapter 11 filing.
Turbo Components lists $2.42 million in assets and nearly $4.65 million in total liabilities. The debt threshold for filing under Subchapter V is up to $7.5 million. The company has requested court permission to use cash collateral to keep operations moving and to continue employing all employees on staff.
The company manufacturers aluminum casting and machining that produces agriculture engine components for Auburn Hills auto supplier BorgWarner Inc.
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