Auto parts maker Alife is trying to reverse its fortunes by selling parts to a new company, auto parts maker Continental, which could be a threat to the company.
Alife is the latest in a series of auto parts companies to make deals with General Motors to make a profit in recent years.
In June, a deal with GM for a stake in Alife was struck.
But Alife has been forced to delay the deal as it grapples with its debt burden.
It’s the latest setback for the auto makers, whose share prices have been falling over the past year.
In February, Alife said it would lay off 300 people and was on track to post a loss for the year.
The company said the layoffs would be “part of a restructuring effort” that would include “strategic and strategic restructuring.”