Budd Co. Nears Ch. 11 Exit With Disclosure OK

Law360, New York (May 9, 2016, 6:10 PM EDT) -- An Illinois bankruptcy judge on Friday approved The Budd Co. Inc.’s disclosure for the auto parts maker’s Chapter 11 reorganization plan and the creditor voting process, after finding the creditors have been adequately informed of the plan terms.

Last week Budd also filed a ninth version of the plan, which came about a month after the company reached a settlement with the United Auto Workers union over thousands of retiree pension plans to be covered under a $390 million agreement with Budd shareholder ThyssenKrupp Finance USA Inc.

UAW had argued in December that an earlier version of the plan was not...

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