Dura Shifts Into High Gear With Backstop Agreement

Law360, New York (July 13, 2007, 12:00 AM EDT) -- After numerous delays and fights, Dura Automotive Systems Inc. has filed its reorganization plan term sheet along with a backstop purchase agreement that is expected to help propel the embattled auto parts supplier out of bankruptcy by the end of the year.

On Friday, the Michigan-based supplier revealed that it had submitted a backstop purchase agreement to the U.S. Bankruptcy Court for the Southern District of New York, hailing the move as a crucial step in its journey towards exiting Chapter 11.

"This agreement provides financing...
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