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Chrysler Asks For Tooling Back From Bankrupt PPI

Law360 (March 25, 2009, 12:00 AM EDT) -- Chrysler LLC has asked for relief from an automatic stay in Precision Parts International Holdings Inc.'s Chapter 11 bankruptcy proceedings so that it can avoid layoffs and millions of dollars in losses by taking back production tooling it provided to the auto supplier.

In its motion, filed Monday in the U.S. Bankruptcy Court for the District of Delaware, Chrysler said it had reached an agreement with Cerion LLC to reclaim the tooling when Cerion purchased PPI's assets, but when Cerion initiated adversary proceedings that delayed the...
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