Metaldyne seeks court approval to auction chassis business assets

By Jennifer Lanning Drey

Portland, Ore., June 26 - Metaldyne Corp. requested court approval to auction its chassis business assets, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said its financial adviser has been actively marketing the assets but an acceptable definitive offer has not yet emerged.

Qualified bids are due by 5 p.m. ET on July 31.

Under the proposed bid procedures, the company may select a stalking horse bidder prior to July 22 and offer the stalking horse bidder a break-up fee of up to 2% of the proposed sale price.

Metaldyne wants to hold the auction on Aug. 3.

A hearing on the bid procedures is scheduled for July 7.

Metaldyne, a Plymouth, Mich.-based maker of metal-based components, assemblies and modules for transportation-related powertrain and chassis applications, filed for bankruptcy on May 27. The Chapter 11 case number is 09-13412.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.