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USA - Chassix Approaches Exit to Chapter 11 Bankruptcy
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Chassix Holdings Inc., Southfield, Mich., held strong support among its creditors as it entered a bankruptcy court confirmation hearing in July. More than 70% of bondholders and creditors voted to support the Chassix plan.
A supplier of automotive components, including castings, Chassix reported annual revenue of about $1.4 billion. It filed for Chapter 11 bankruptcy in March, claiming it owed more than $525 million to bondholders and more than $65 million to other creditors including other materials manufacturers and automotive suppliers.
The reorganization plan, largely a debt-equity swap, would give bondholders $375 million in secured debt, 97.5% of stock in the reorganized company and another 2.5% stake to trade creditors and unsecured bondholders.
Chassix was formed by Platinum Equity LLC, Beverly Hills, Calif., by integrating Diversified Machine Inc. and SMW LLC into a single source of casting and machining operations with locations in the U.S., Mexico, Brazil, China and Europe. Chassix serves major automotive customers including Ford Motor Co., Detroit, and Nissan North America, Smyrna, Tenn.
Source: AFS
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