Coda Estate Defends Settlement From PE Buyer's Objection

Law360, Wilmington (November 15, 2013, 4:06 PM EST) -- Both the estate of defunct electric carmaker Coda Holdings Inc. and the employees suing it for allegedly improper layoffs pushed back Thursday against an objection from a unit of private equity buyer Fortress Investment Group LLC to the settlement they'd reached, arguing the deal makes confirming a Chapter 11 plan possible.

In a joint motion before the Delaware bankruptcy court, the employees and the Coda estate argued that not only does the proposed settlement of U.S. Worker Adjustment and Retraining Notification claims represent a substantial discount...
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