Auto Parts Maker Fights Irving Place's $28M Debt Claim

Law360, New York (December 6, 2011, 8:14 PM EST) -- Affiliates of private equity firm Irving Place Capital and automotive parts maker TAP Automotive Holdings LLC sparred before a New York state judge Tuesday over TAP's responsibility for about $28 million in debt in the wake of a takeover by a group of banks and insurers.

The dispute involves the difference in valuation of the assets of TAP's predecessor before and after a group of senior lenders took over the company through a technical default in the company's debt, wiping out Irving Place's stake in the...
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