J.L. French Amends Statement To Appease Lenders

Law360, New York (May 10, 2006, 12:00 AM EDT) -- With trouble brewing with its first-lien lenders, bankrupt auto parts maker J.L. French has responded to their concerns with haste, in hopes of stopping the squabble before it starts.

General Electric Capital Corp. and several other lenders have objected to J.L. French’s reorganization disclosure statement, released last week after a group of creditors objected to a proposed stock offering by the parts maker.

The reorganization plan stipulates that first-lien lenders will be awarded full recovery of their claims. But it also says that creditors may potentially...
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