Judge Approves Cadence Innovation Liquidation Plan

Law360, Wilmington (August 17, 2011, 2:54 PM EDT) -- A Delaware bankruptcy judge gave his blessing Wednesday to Cadence Innovation LLC's liquidation plan, which settles $61.5 million in claims against the auto parts maker from two private equity funds at about half their value.

U.S. Bankruptcy Judge Kevin Gross signed off on the plan, saying it was the best result that could be achieved considering the financial crisis and associated tumult in the auto industry in 2008 that precipitated the bankruptcy.

“I know that we all hoped for a more successful result — a true...
To view the full article, register now.