GPX Settles $12M Claim With Private Equity Firm

Law360, New York (April 26, 2010, 12:41 PM EDT) -- Bankrupt GPX International Tire Corp. has settled a $12 million claim brought against it by Westport, Conn.-based private equity firm Sterling Investment Partners LP.

Both the company and its official committee of unsecured creditors on Thursday asked the U.S. Bankruptcy Court for the District of Massachusetts to approve the settlement, in which Sterling will drop its claim in exchange for a mutual release agreement.

“These were not contentious discussions,” said Charles Dale, an attorney with K&L Gates LLP who represents the official committee of unsecured creditors....
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