Plastech Strikes $200M Deals For Key Units

Law360, New York (June 16, 2008, 12:00 AM EDT) -- Bankrupt auto supplier Plastech Engineered Products Inc. has reached deals to sell its interior, exteriors and automotive stamping units for at least $200 million.

In court documents filed Friday in the U.S. Bankruptcy Court for the Eastern District of Michigan, the company detailed the stalking horse bids for the units. An auction was scheduled for Monday and all three potential buyers will receive a 2.5% breakup fee if the units go to another bidder at auction.

JCIM LLC, which is an affiliate of Johnson Controls Inc.,...
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