Hayes Lemmerz Creditors Call Asset Sale 'Premature'

Law360, New York (September 22, 2009, 6:10 PM EDT) -- The unsecured creditors of bankrupt wheel maker Hayes Lemmerz International Inc. have objected to the proposed sale of the company's power train manufacturing facility before the conformation of its Chapter 11 restructuring plan, calling the sale premature.

In an objection filed Sept. 21 in the U.S. Bankruptcy Court for the District of Delaware, the unsecured creditors said it was “unclear” why the sale of Hayes Lemmerz International-Laredo Inc. to Harvey Holdings LLC for $1 needs to be completed before the restructuring plan takes effect, adding that...
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.