Former Metaldyne's disclosure statement approved by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Jan. 11 - Oldco M Corp.'s disclosure statement was approved by the U.S. Bankruptcy Court for the District of Delaware on Monday, according to an attorney familiar with the case.

Oldco, formerly Metaldyne Corp., filed its plan of liquidation and disclosure statement on Dec. 7.

As previously reported, the company expects that most, but not all, of its assets will have been liquidated and converted to cash as of the effective date of its plan of liquidation.

Under the plan, a distribution trust will be established to liquidate the remaining assets, resolve claims and make distributions to creditors.

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, 2009. The Chapter 11 case number is 09-13412.

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