Auto Supplier Key Plastics Files For Ch. 11

Law360, New York (December 16, 2008, 12:00 AM EST) -- Automotive supplier Key Plastics LLC has filed for Chapter 11 protection and is asking the court to approve its prepackaged reorganization plan, the company announced Tuesday.

In a filing with the U.S. Bankruptcy Court for the District of Delaware, the company confirmed that 90 percent of senior secured noteholders have agreed to the restructuring.

A prepackaged bankruptcy aims to reduce the amount of time a company spends in Chapter 11 by negotiating with creditors and preparing a filing ahead of time. Key Plastics said it expects...
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