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...
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