Former parent’s Chapter 11 plan approved for spun-off group
Credit: Shutterstock.com/Brookgardener
A Switzerland-headquartered automotive parts supplier that entered Chapter 11 in the midst of hostile litigation over asbestos liabilities inherited from its former US parent will now be restructured through a consensual plan designed by that parent, in a case described as “a great example of what Chapter 11 can accomplish, even for a company with its centre of gravity outside of the US”.
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