Metaldyne DIP Deal OK'd; Asset Sale Faces Objections

Law360, New York (June 23, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved an $18.5 million debtor-in-possession financing deal for auto parts maker Metaldyne Corp. over objections from creditors, while several creditors have filed new objections to Metaldyne's proposed bidding procedures for selling its power train business.

Judge Martin Glenn, of the U.S. Bankruptcy Court for the Southern District of New York, ruled Tuesday that the DIP facility, provided by Deutsche Bank AG, is fair and provides the only alternative to liquidation, denying objections by the official committee of unsecured creditors and the Pension...
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