Cooper-Standard Plan Calls For $245M Rights Offering

Law360, New York (February 2, 2010, 1:22 PM EST) -- Bankrupt auto parts supplier Cooper-Standard Holdings Inc. has filed a Chapter 11 plan that calls for a $245 million equity rights offering that is expected to help the company shed more than $700 million in debt.

Cooper-Standard put forward a Chapter 11 plan and disclosure statement in the U.S. Bankruptcy Court for the District of Delaware on Monday, setting the stage for a March 9 hearing on the disclosure statement's adequacy.

Under the plan, Cooper-Standard would pay off its DIP financing, prepetition credit facility and general...
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.