PPI Gets OK For Creditors To Vote On Ch. 11 Plan

Law360, New York (August 3, 2011, 6:41 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved auto parts supplier PPI Holdings Inc.'s disclosure statement on a potential reorganization plan that could see unsecured creditors largely wiped out.

U.S. Bankruptcy Judge Kevin Gross gave his stamp of approval on the disclosure statement and scheduled an Oct. 28 confirmation hearing in the case of PPI Holdings, a First Atlantic Capital Ltd. subsidiary, which filed for chapter 11 protection in December 2008 under the weight of a sagging automotive industry and rising steel prices.

According to the disclosure...
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