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Jackson Automotive

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...BACKGROUND Jackson Automotive Systems is an Original Equipment Manufacturer located in Jackson, Michigan. Larry Edwards is the president of the company. It is operating in automotive parts industry with product lines in advanced heating and air conditioning systems, engine cooling systems and parts and fuel injection and transfer systems. The company experienced fast growth, was stable during the global recession period and has steady rebuilding of sales since 2010 with substantial backlog of orders. In September 2012, Edwards decided to repurchase stocks from a group of dissident shareholders. He planned to use $5 million short-term loan and $5 million in excess cash on its balance sheet to facilitate for this buyback, which would result in a 40% reduction to the number of common shares outstanding. He submitted to the bank the forecast of monthly shipments for the fiscal year of 2013, a balance sheet as of August 2012 and backlog of sales orders along with the loan request. This loan has annual interest rate of 6% on the principal and need to be paid off at the end of June 2013. At the same time, there were over 5,000 supplies in US with less than 200 companies had annual sales of more than $100 million. At the beginning of June 2013, Jackson found that they were not able to repay its outstanding term loan by the end of June 2013. In addition, the company needs additional loan ($2.4 million) to finance a new equipment purchase. KEY ISSUES Jackson Automotive was not only...

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