Auto Parts Maker Cooper-Standard Files For Ch. 11

Law360, New York (August 3, 2009, 5:03 PM EDT) -- Auto parts supplier Cooper-Standard Holdings Inc. has filed for Chapter 11 protection, blaming decreased new car sales and increased costs for raw materials amid the economic crisis.

The company and its U.S. subsidiaries filed petitions Monday in the U.S. Bankruptcy Court for the District of Delaware, saying it needed to restructure its balance sheet.

Novi, Mich.-based Cooper-Standard has received a commitment from its current lenders for up to $175 million in debtor-in-possession financing to help pay employees and operating costs and implement a restructuring plan as...
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