In August, Franklin Templefield announced it would file for Chapter 11 bankruptcy protection, meaning it was likely to be the last publicly traded company in the United States to file for bankruptcy protection.
The company was one of the largest auto parts manufacturers in the world and was worth more than $2.6 billion.
Franklin Temple was a pioneer of the automobile and aerospace industries, including the development of the Rolls Royce Phantom engine that powered the famous Boeing 747-400 and the United Airlines 737 jetliner.
Franklin’s bankruptcy filing came just days after its stock dropped to $1.28 per share, which was well below its IPO price of $13.80.
It also came just weeks after Franklin announced that its board of directors had appointed former hedge fund manager David Einhorn as its interim chief executive officer.
At the time, Einhorns tenure as Franklin Temple’s chief executive was the subject of a Securities and Exchange Commission probe into his alleged conflicts of interest and misuse of company funds.
Einhart has denied wrongdoing, but the SEC found him to have committed “reckless acts and omissions” in his role as interim chief.
Franklin had faced mounting financial problems since its 2013 acquisition of a controlling interest in a solar power company.
The firm, which had invested heavily in solar panels and other renewable energy technologies, went bankrupt in March 2018.
In a filing with the SEC, Franklin said it expected to pay $3.5 billion in costs in 2018 and $4.6 million in 2019.
Franklin also said it expects to pay an additional $1 billion in 2018 for the acquisition of the company’s assets and to pay another $2 billion for the sale of its portfolio holdings in 2018.
Franklin was also looking to raise additional capital to finance its financial woes, including a $1 million contribution from the Franklin family.
Franklin has already received $300 million from the federal government in 2017 and $250 million in 2018, according to Franklin’s financial statements.
The board also received $2 million from former President Donald Trump, who gave the firm $2,000,000 to help the firm raise $3 million in 2017.
In September, the board announced it was seeking $3 billion in additional financing, with the goal of raising $6 billion to $7 billion by 2019.
At a time when Franklin has faced mounting challenges, the company is one of several large private equity funds focused on the aerospace industry.
Franklin owns the United Launch Alliance, which is a joint venture between Lockheed Martin and Boeing that operates Atlas V rockets.
The two companies share common technologies, and the company also builds the Atlas V, the Atlas 5, and a Delta IV rocket.
The companies are part of Lockheed Martin, the largest U.S. defense contractor.