The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. ref: Great_Recession

As a Tier I/II/III automotive supplier primarily concentrated with the Detroit 3, our company was in a precarious position.

When coupled with a borrowing syndicate of more than 40 lenders (many at untenable rates), we were in the strike zone.

On December 10, 2008, the House Financial Services Committee released a copy of a proposed financial bailout package for GM, Ford, and Chrysler.

On December 11, the bill failed to pass, losing 52–35 on a Senate procedural vote.

On December 12, our company filed for Chapter 11 bankruptcy protection.

For the next 3 1/2 months, a small team worked endlessly to secure a new owner. Literally working around the clock and through all seven days of each week, we fought for survival. Not for ourselves, but for the 1000+ families who depended on our company for their livelihood - many of whom weren't blessed with other options or opportunities.

We were fortunate in that the company was fundamentally sound. We didn't access one dollar of DIP financing. We provided 100% quality and 100% on-time delivery. We operated at a top-level even at the lowest point in the company's history.

That was (prayerfully) the worst economic conditions we'll see in our lifetimes. There were no open wallets, no appetites. But thankfully, our hard work was rewarded and we emerged in late March 2009. The company continues to be a valued supplier to this day.