Auto Supplier FormTech Files For Ch. 11 To Sell Assets

Law360, New York (August 27, 2009, 5:54 PM EDT) -- Hard hit by the decline in auto production sparked by the financial crisis, automotive supplier FormTech Industries LLC has filed for Chapter 11 protection as part of a prearranged plan to sell its assets to a newly formed subsidiary of HHI Holdings Co., also a producer of forged metal automotive parts.

In a statement Thursday, FormTech said that under the prearranged restructuring plan, FormTech has entered into a binding, going-concern deal with a newly formed unit of HHI Holdings. FormTech also noted it had reached an...
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