Plastech Proposes $17M Wind-Down Settlement

Law360, New York (June 3, 2008, 12:00 AM EDT) -- Bankrupt auto parts supplier Plastech Engineered Products Inc. asked a judge on Monday to approve a settlement with its lenders and major customers that it says will help sell off its assets and wind down its operations.

Under the settlement, Plastech's major customers – including General Motors Corp., Ford Motor Co., Johnson Controls Inc. and Chrysler LLC – and a separate group of lenders will each provide $8.5 million to fund administrative claims on Plastech's estate, according to a motion filed in the U.S. Bankruptcy Court...
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