Bankrupt Budd Co. Says $390M Deal Protects 10K Retirees

Law360, San Francisco (April 2, 2014, 5:35 PM EDT) -- The Budd Co. Inc. on Monday urged an Illinois federal bankruptcy court to approve a settlement in which Budd shareholder ThyssenKrupp North America's financial arm would pay the bankrupt auto-parts manufacturer $390 million it owes and assume responsibility for Budd's pension plans, protecting its 10,000 retirees.

Under the deal, filed shortly after Budd lodged its bankruptcy petition, ThyssenKrupp would take over Budd's workers' compensation obligations and assume sponsorship of its 401(k) plan. Budd would also receive a release of all claims and lawsuits brought by its corporate affiliates, some of which include claims “potentially worth tens of millions of dollars,” according...

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