Former Metaldyne's plan of liquidation confirmed by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Feb. 23 - Oldco M Corp.'s, second amended joint plan of liquidation was confirmed, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the former Metaldyne Corp. 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.

The company expects to emerge from bankruptcy no later than mid-March, according to an attorney close to the case.

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.

© 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.