PBGC Objects To Metaldyne Chassis Asset Sale

Law360, New York (July 30, 2009, 12:16 PM EDT) -- The Pension Benefit Guaranty Corp. has objected to Metaldyne Corp.'s plan to sell its principal chassis operations, saying Metaldyne's proposed sale order appears to allow the supplier to sell nondebtor assets free and clear of liens.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, the PBGC, an unsecured creditor, said Metaldyne's proposed sale order for the assets called for two nondebtor Metaldyne affiliates to sell their chassis assets without specifying that these sales would not be free...
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