Another Auto Parts Co. To File For Bankruptcy

Law360, New York (June 18, 2007, 12:00 AM EDT) -- Auto parts supplier Remy International Inc. will file a prepackaged Chapter 11 plan under which the company would slash $360 million in debt and pay its trade creditors in full, joining a long procession of auto parts makers that have filed for bankruptcy protection in recent years.

On Friday, Remy announced that it had struck a debt-for-equity deal with a significant portion of its noteholders, and that the company and its noteholders had entered into a plan support agreement.

Remy's president and chief executive, John Weber,...
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