MagnaChip Creditors Balk At Proposed Asset Sale

Law360, New York (July 27, 2009, 2:29 PM EDT) -- Continuing efforts to thwart a sale of bankrupt MagnaChip Semiconductor LLC’s manufacturing assets to a private equity fund, the company's unsecured creditors have objected to a disclosure statement for the plan, claiming that a better deal could come along in the near future.

The official committee of unsecured creditors in the electronics maker’s bankruptcy case filed its objection Friday in the U.S. Bankruptcy Court for the District of Delaware, saying that the proposed sale of the company's mostly nondebtor foreign manufacturing subsidiaries has been negotiated "without...
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