Auto Slump Forces Supplier JL French Into Ch. 11

Law360, New York (July 13, 2009, 12:00 AM EDT) -- Blaming the automotive production decline and industrywide credit crunch, aluminum automotive components manufacturer J.L. French Automotive Castings Inc. filed for Chapter 11 protection Monday as part of a prenegotiated plan to reduce its $280 million debt in a debt-for-equity swap deal with lenders.

The Sheboygan, Wis.-based company and six affiliates filed voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware, announcing plans to reduce secured debt from approximately $280 million to roughly $65 million via debt-for-equity swaps with first- and second-lien term lenders....
To view the full article, register now.