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Litigation | 6 Months Ended
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Sep. 30, 2015
Litigation [Abstract] |
Litigation | 15. Litigation In May 2011, the Company purchased (i) all of the outstanding equity of Fenwick Automotive Products Limited (“FAPL”), (ii) all of the outstanding equity of Introcan, Inc., a Delaware corporation (“Introcan”), and (iii) 1% of the outstanding equity of Fapco S.A. de C.V., a Mexican variable capital company (“Fapco”) (collectively, “Fenco” and also referred to herein as the “discontinued subsidiaries”). Since FAPL owned 99% of Fapco prior to these acquisitions, the Company owned 100% of Fapco following these transactions. On June 10, 2013, each of FAPL, Introcan and Introcan’s subsidiaries, Flo-Pro Inc., LH Distribution Inc., Rafko Logistics Inc., Rafko Holdings Inc. and Rafko Enterprises Inc. (collectively, the “Fenco Entities”), filed a voluntary petition for relief under Chapter 7 of Title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware. On October 26, 2015, the Company entered into a settlement and general and specific release agreement with M&T Bank and the trustee in the bankruptcy cases relating to the discontinued subsidiaries, which resolves the litigation and releases the claims made or threatened by those parties against the Company and its executives in exchange for a payment by the Company of $18,500,000, of which $9,250,000 will be paid by the Company’s insurers under applicable insurance policies. As a result, the Company recorded an accrual of $9,250,000, net of insurance recoveries, in accrued liabilities in the consolidated balance sheet at September 30, 2015. None of the parties admit the allegations made by any other party, and the settlement is being entered into for the purpose of avoiding the time, expense, inconvenience and delay incident to protracted litigation. The settlement agreement is subject to approval by the applicable courts and other customary conditions. The Company is also subject to various other lawsuits and claims. Management does not believe that the outcome of these other matters will have a material adverse effect on its financial position or future results of operations.

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