Plastech Needs Chrysler Tooling To Stay Afloat: Judge

Law360, New York (February 20, 2008, 12:00 AM EST) -- A judge has shot down Chrysler LLC's request to lift the automatic stay in Plastech Engineering Products Inc.'s bankruptcy proceedings in order to reclaim tooling equipment used to make Chrysler parts, saying that doing so could doom the auto supplier's efforts to reorganize under Chapter 11.

Judge Phillip J. Shefferly issued a ruling Tuesday in the U.S. Bankruptcy Court for the Eastern District of Michigan, stating that the tooling Chrysler hoped to reclaim "need not be 'owned' by the debtor in order for the stay to...
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