KEY PLASTICS
Reorganization ends Chapter 11 creditor protection
Automotive supplier Key Plastics (Farmington Hills, Michigan / USA; www.keyplastics.com) has completed its restructuring and ended its voluntary Chapter 11 filing for protection from creditors. The company’s COO Ralph Ralston reported on 16 February 2009 that the company had achieved its goals "exactly on schedule.” At the start of 2009 Key Plastics announced a “prepackaged reorganization" under Chapter 11 of US insolvency law, having reached agreement with its two main creditors Wayzata Investment and DDJ Capital Management on the rescheduling of around USD 115m in long-term debt – see Plasteurope.com of 22.12.2008.
23.02.2009 Plasteurope.com [212879]
Published on 23.02.2009
German version of this article...