Key Plastics' Ch. 11 Plan Gets Go-Ahead

Law360, New York (January 30, 2009, 12:00 AM EST) -- Automotive supplier Key Plastics LLC expects to exit Chapter 11 next month with Wayzata Investment Partners LLC as majority shareholder now that a bankruptcy court has approved its prepackaged plan of reorganization.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware Thursday confirmed the debt-for-equity plan and cleared the way for the plastics supplier to continue a restructuring that has enjoyed overwhelming support from creditors and largely progressed according to schedule.

Under the plan, Key Plastics will convert $115 million of...
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