PPI Gets Go-Ahead For Reorganization

Law360, New York (October 28, 2011, 9:08 PM EDT) -- A Delaware bankruptcy judge on Friday confirmed auto parts supplier PPI Holdings Inc.'s Chapter 11 reorganization plan, under which most unsecured creditors would recover only a fraction of their claims.

U.S. Bankruptcy Judge Kevin Gross signed off on the plan, which obtained the blessing of PPI's Chief Financial Officer Roger Goldbaum.

Proponents of the plan had participated in the Chapter 11 cases in good faith throughout the preparation of the reorganization plan, Goldbaum said in a declaration filed Friday.

According to PPI's disclosure statement, the proposed...
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