Wagon Automotive may go bankrupt Lay off Job Cut: fires 4500 jobs in danger

Wagon Automotive, the largest car parts maker in the UK, may go bankrupt and file for bankruptcy. At the same time, Wagon Automotive is learnt to go for a massive layoffs or job cuts, all atttributing to the bankruptcy problems. The company is in the business of making car parts and products, and since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected.

As per the news, Wagon Automotive, one of the largest car parts maker in the UK, is taking steps to file for bankruptcy, a move which would reportedly cost up to 4,500 jobs.

How many jobs will be at stake due to Wagon Automotive Bankruptcy?
Around 4500 jobs will be at stake if the company declares bankruptcy.

What is the ownership and holding pattern for Wagon Automotive?
The company is controlled by WL Ross & Co, the entity run by American billionaire investor Wilbur Ross, which holds over 86 per cent stake in Wagon Automotive.

Any official statements issued by Wagon Automotive?
"Discussions with its principal stakeholders relating to the company's future funding position have broken down...the Board regrets to announce that it is taking steps to place the company into administration," the firm today said in a regulatory filing.

According to the regulatory filing, it is expected that Alastair Beveridge, Simon Appell and Stuart Mackellar of Zolfo Cooper LLP would be appointed shortly as joint administrators to Wagon plc and several UK subsidiaries.

Let's hope that alternative jobs are available to the affected employees of Wagon Automotive Layoffs Job Cut