Dura Clears Roadblock To Ch. 11 Exit

Law360, New York (January 30, 2008, 12:00 AM EST) -- Dura Automotive Systems Inc. has scored approval for a $170 million exit financing package, furnishing the embattled supplier with another six months to devise a way out of bankruptcy.

U.S. Bankruptcy Judge Kevin Carey signaled on Tuesday his intention to sign off on the proposed loan from Cerberus Capital Management's Ableco Finance after reassuring himself that the supplier was simply trying to prolong its stay in bankruptcy.

"My concern was that you weren't just buying more time for the sake of buying time, with no hope...
To view the full article, register now.