Metaldyne Turns Sights To $78M Asset Sale To HHI

Law360, New York (July 27, 2009, 7:31 PM EDT) -- Bankrupt Metaldyne Corp. is seeking to switch the stalking horse bid for its power train business from private equity firm RHJ International SA to fellow auto parts maker HHI Holdings LLC.

RHJI — which holds about 60 percent of the outstanding capital stock of Asahi Tec, Metaldyne's parent company — had preliminarily entered into a stalking horse asset purchase agreement that offered $25 million in cash and a $50 million note for the power train assets.

But Friday, Metaldyne filed an emergency motion with the U.S....
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