Accuride Ch. 11 Plan Seeks Transfer To Noteholders

Law360, New York (December 17, 2009, 1:47 PM EST) -- Accuride Corp. has filed a prenegotiated Chapter 11 plan that transfers ownership of the commercial vehicle wheel maker to its noteholders, dramatically lightens its debt load and gives hard-hit stockholders a meager share of new equity.

The Evansville, Ind.-based company and its affiliated debtors submitted the reorganization plan and disclosure statement Wednesday to the U.S. Bankruptcy Court for the District of Delaware, proposing a debt restructuring that will hand the reorganized company over to creditors in exchange for $291 million in canceled notes and extend the...
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.