Source Interlink Companies Inc., one of the largest publishers of magazines and online content for enthusiast audiences and a leading distributor of DVDs, CDs, magazines, video games and books announced it has reached a restructured agreement with its lenders to eliminate approximately $1 billion dollars of existing debt and privatize the company. Under the agreement, the company’s lenders will cancel nearly $1 billion of the company’s existing debt and provide approximately $100 million in additional liquidity.
The U.S. Small Business Administration (SBA) has temporarily expanded the size requirements for SBA-backed 7(a) loans in order to help insert more liquidity into the marketplace. The SBA estimates that more than 70,000 small businesses across the country will be eligible for new loans between now and the time the program ends on September 30, 2010, including many auto-sector businesses.
California Assemblyman Mike Duvall is the new chairman of the State Automotive Enthusiast Leadership Caucus. The Caucus is supported by SEMA. Duvall succeeds New York Assemblyman Bill Reilich who served in that capacity for a two-year term beginning in 2007.
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| SEMA Vice President of Operations Bill Miller helps the kids of Childhelp build derby cars to be sponsored and raced at the SEMA Pinewood Drag Race. |
Detroit has long been regarded as the car production capital of the world. The historic metropolis is nicknamed “Motor City” for a reason. It's the place where Chrysler, Ford Motor Company and General Motors established an industrial epicenter and where they are still headquartered to this day. Recently, however, the news coming out of Detroit has been more a continual flow of doom and gloom.
Elections for a seat on the ARMO Select Committee will take place the week of May 18, 2009.
May 1, 2009
Officials across the country are constantly working on legislative and regulatory proposals that have a direct impact on our industry and your customers.
As company budgets tighten, the SEMA Show represents a highly cost-effective way for buyers and manufacturers to meet.
The 2009 SEMA Show has kicked into gear with an unprecedented
show of enthusiasm and 800 exhibitors already signed up.