Cerion Seeks $8.5M Discount On PPI Assets

Law360, New York (March 23, 2009, 12:00 AM EDT) -- Cerion LLC has opened adversary proceedings in its purchase of Precision Parts International Holdings Inc.'s assets, alleging that the bankrupt auto parts maker overinflated its working capital calculation and purchase price adjustment by more than $8.5 million.

In a complaint filed Friday in the United States Bankruptcy Court for the District of Delaware, the manufacturing company asked for the $18.5 million sale price to be revised downward due to a number of “doubtful accounts and inventory” currently held by PPI.

PPI, a supplier of precision metal...
To view the full article, register now.