On December 30, 2016 UCI announced it has completed its reorganization plan regarding Champion Laboratories. Earlier in December the U.S. Bankruptcy Court in Delaware approved the Chapter 11 bankruptcy plan. The company will continue operations while shedding some $380 million in debt. From what I read, Blackstone Financial, J.P. Morgan and Credit Suisse will be running the new company.
While at least 23 supervisors/salaried workers were fired or laid off within the past five weeks, the company is doing new hiring, likely at much lower wage rates. BTW Fram Filtration is not affected by the Chapter 11 plan approval. It remains to be seen if we'll see any changes in the quality of the future filters produced by Champion.
I'll continue to use some Champion made filters (Castrol SFX), but the Fram Pro Synthetic line is my current favorite.
While at least 23 supervisors/salaried workers were fired or laid off within the past five weeks, the company is doing new hiring, likely at much lower wage rates. BTW Fram Filtration is not affected by the Chapter 11 plan approval. It remains to be seen if we'll see any changes in the quality of the future filters produced by Champion.
I'll continue to use some Champion made filters (Castrol SFX), but the Fram Pro Synthetic line is my current favorite.