Dura Automotive Exits Chapter 11

NEW YORK, June 5 (Reuters) - A U.S. bankruptcy court denied a bond trader’s request to put conditions on Dura Automotive Systems Inc’s DRRAQ.PK exit from bankruptcy protection, according to court documents on Thursday.

James Korth, who manages investment bank J.W. Korth & Co, had asked the U.S. bankruptcy court in Delaware to allow Dura to exit bankruptcy by mid-June but order the new common stock of the company held in escrow until a decision had been made on his objections to Dura’s reorganization plan.

Korth’s clients hold Dura notes, according to court papers.

The court approved Dura’s reorganization plan last month.

The company, which filed for Chapter 11 bankruptcy in October 2006, is one of the three major U.S. auto suppliers, including Delphi Corp DPHIQ.PK and Tower Automotive Inc, that have filed for protection in recent years under pressure from a slumping U.S. auto market and rising commodity costs. (Reporting by Paritosh Bansal; editing by Carol Bishopric)

Source : https://uk.reuters.com/article/dura-idUKN0542179620080606

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