Metaldyne Liquidation Plan Wins Judge's Approval

Law360, New York (February 24, 2010, 2:08 PM EST) -- A bankruptcy judge has approved former auto parts supplier Metaldyne Corp.'s Chapter 11 liquidation plan, which is expected to provide full recovery for secured creditors and 1 or 2 percent recovery for unsecured creditors.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved the plan, which won the approval of a majority of creditors, following a hearing Tuesday.

Metaldyne sold substantially all its assets last fall to MD Investors, a company formed by Metaldyne's lenders for purposes of the...
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