Bankruptcy Preference Creditor's Digest
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Materials listing for automotive suppliers
Strict European Insolvency Laws Next Risk for US Automotive Suppliers
The bankruptcy case of Global Safety Textiles Holdings LLC (“Global Safety” and, together with the affiliates who filed with it, the “Debtors”) illustrates a growing risk for US automotive suppliers and OEMs – the potential failure of an international supply chain due to strict European insolvency laws.
DDJ Capital Derails Grede Foundries and Wayzatas Fast Track 363 Sale Strategy
DDJ Capital Management, LLC (“DDJ”) has thrown its money in front of the Grede Foundries fast track, 363 sale bankruptcy strategy. Grede Foundries planned a “fast-paced” section 363 sale to a new venture backed by the private equity fund Wayzata Opportunity Fund II, L.P. (“Wayzata”). DDJ has achieved a critical fist step in [...]
GM Bankruptcy – Selective Cure List and Substantive Objections
There were approximately 479 objections filed by the June 15, 2009 deadline by suppliers and other trade creditors to GM’s proposed cure costs (click link to see list). An additional 75 objections were filed after the deadline and on or before June 20, 2009. As in the case of Chrysler, the majority of the [...]
GM Bankruptcy – For Suppliers Chrysler Bankruptcy Lesson 1
(Update: Since the original post date we have added two additional posts on the GM Cure Cost Procedure and the Supplier Objections that were filed to GM Cure Costs. Please Click the preceding link to see those posts.)
The Chrysler bankruptcy taught suppliers several lessons. Lesson 1 - SUPPLIERS, BE READY TO CONFIRM THE CURE [...]
Contech U.S., LLC Bankruptcy – 503(b)(9) Claim Bar Date and Procedures
For any supplier and other bankruptcy creditor in the bankruptcy of Contech U.S., LLC [1], timely and properly filing an administrative expense claim under 11 USC § 503(b)(9) may provide the only prospect for payment of any portion of the creditors prepetition claims. Click this link for an article on this site discussing 503(b)(9), [...]
Noble International-Two Debtors not Insolvent?
As discussed in a prior post on the bankruptcy of Noble International Ltd., the parent and 14 subsidiaries have filed for bankruptcy. We have stressed the need to carefully identify your customer. We wanted to use the Noble International bankruptcy as a case study for point and were surprised to find that two debtors did [...]
Fluid Routing Solutions Bankruptcy – Automakers are Paying Attention; DIP Financing Approved;
Feb. 10, 2009 – This case already is being closely followed by the automaker customers of Fluid Routing Solutions. Three notices of appearance have been filed – counsel to Ford Motor Company, counsel to Toyota Motor Engineering & Manufacturing North America, Inc. and counsel to Chrysler LLC. An even stronger demonstration of automaker interest is [...]
Lear Corporation – 50 Largest Unsecured Bankruptcy Creditors
Lear Corporation has requested authority to file a consolidated list of the 50 largest unsecured creditors for itself and its affiliated Debtors (the “Top Unsecured Creditor List”) in lieu of a separate list for each of the Debtors. The largest unsecured trade payable on the list is $5,076,686.81 due to Johnson Controls, Inc.
Lear Bankruptcy – 24 Debtors and Petitions
Lear Corporation and 23 affiliated entities (”Debtors”) filed a petitions in Bankruptcy Court for the Southern District of New York for relief under chapter 11 of title 11 of the United States Code. Contemporaneously with the filing of their petitions, the Debtors filed a motion requesting that the Court consolidate their chapter 11 cases for [...]