Judge OKs Tilton-Tied Biz's Ch. 11 Deal For Auto Parts Co.
By Jeff Montgomery (April 13, 2021, 8:59 PM EDT) -- A business controlled by distressed-company turnaround mogul Lynn Tilton won Delaware bankruptcy court approval Tuesday to buy the assets of Global Automotive Systems Inc., over objections that the bankrupt Zohar funds, GAS' top secured creditor, would get nothing from the deal.
Judge Karen B. Owens approved the deal after a two-day videoconference trial and final arguments Monday that were closed to the public, based on a court finding that privacy concerns of the parties made it "impossible to present their case in a coherent and organized fashion" if required to intermittently seal the virtual courtroom.
Although the judge's decision Tuesday did...
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