Intermet objects to closing Chapter 11 cases

By Caroline Salls

Pittsburgh, Oct. 26 - Intermet Corp. objected to the U.S. Bankruptcy Court for the Eastern District of Michigan's attempt to close the company's Chapter 11 cases following confirmation of its plan of reorganization, according to a Wednesday court filing.

According to the objection, the case should not be closed because cash and new stock to be dispersed under the plan have not been distributed, no deposits required under the plan have been distributed, property proposed to be transferred under the plan has not been transferred, management of the reorganized company has not assumed the business and not all motions, contested matters and adversary proceedings in the case have been resolved.

Also, the company said it has not completed the resolution of claims and, therefore, cannot yet make complete distributions under the plan.

The bankruptcy court confirmed Intermet's plan on Sept. 29.

Intermet, a Troy, Mich., auto parts maker, filed for bankruptcy on Sept. 29, 2004. Its Chapter 11 case number is 04-67597.

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