M&A

18 November, 2009

Accuride seeks court approval for Chapter 11 plan

Nov 18 (Reuters) - Bankrupt truck parts maker Accuride Corp (AURDQ.OB) on Wednesday sought court approval for its disclosure statement and reorganization plan.

Once approved, Accuride will solicit creditors to vote on the disclosure statement.

A disclosure statement provides "adequate" information about a bankrupt company's affairs to enable claimholders to make an informed judgment about a proposed reorganization plan.

Accuride's plan transfers ownership of the company to its creditors, extends the maturity and resets the interest rate on about $300 million of its existing bank loans.

Accuride, which filed for protection from creditors in October, was formed in 1986 to acquire a division of The Firestone Tire & Rubber Co. It supplies parts for Freightliner, Peterbilt, International, Great Dane and Mack brands.

The case is In re Accuride Corp, U.S. Bankruptcy Court, District of Delaware, No. 09-13449. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)

Source: http://www.reuters.com