Judge OKs Dura Backstop Agreement

Law360, New York (August 16, 2007, 12:00 AM EDT) -- A bankruptcy judge has approved a controversial backstop rights purchase agreement for bankrupt Dura Automotive Systems Inc., a move that inches the company closer to its goal of emerging from bankruptcy protection by the end of the year.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the deal during a hearing Wednesday, Dura said.

"We are pleased with the court's decision, which enables us to continue on a path toward emergence," said Larry Denton, Dura's chairman and CEO. "We...
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