Tax Restructuring Of Hayes Lemmerz Unit Halted

Law360, New York (August 3, 2009, 3:17 PM EDT) -- Unsecured creditors of bankrupt automotive wheel manufacturer Hayes Lemmerz International Inc. have won a temporary restraining order blocking a tax restructuring of a nonbankrupt Brazil-based Hayes subsidiary, which the creditors say could impede its ability to collect from the estate.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware, granted the temporary restraining order on Friday, the same day the official committee of unsecured creditors filed an adversary complaint to halt the restructuring.

The creditors allege that Hayes is seeking to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.