In December 1989, with nearly $14 million in unpaid debt, Carpenter Body Works was forced to declare Chapter 11 bankruptcy. In 1990, Indianapolis-based businessman Dr. Beurt SerVaas formed a holding company (CBW, Inc) to acquire Carpenter Body Works. Although the company board (consisting primarily of the Foddrill family and supporters) were in favor of the acquisition, the United Auto Workers labor force rejected the proposal, due to massive labor concessions; it would take two weeks for an agreement to take place.