Another Ont. auto parts manufacturer goes under

The wave of bankruptcies in the auto parts sector continue, and Peterborough, Ont.-based Craaytech Painted Plastics Inc. is the latest company to go under.

The company was founded in 1981, and manufactured, decorated and assembled parts for the automotive industry at its 45,000 square foot plant. The company filed for bankruptcy last week, losing about 143 jobs.

Harris & Partners has been named the trustee of Craaytech’s assets, and has indicated that the company’s remaining assets will be liquidated to pay off its debts.

According to the trustee, the company owed $3.3 million to over 200 different creditors. Court filings show that Craaytech had $4.2 million in liabilities and under $1 million at the time it went bankrupt.