Court ignores creditors’ plea to delay sale of Hayes assets
Sep 23, 2009 | 11:31 AM
| Corinna Petry
A bankruptcy court judge has approved the bidding and auction procedures for the divestiture of the Nuevo Laredo, Mexico, powertrain operations of Hayes Lemmerz International Inc. despite an objection by the unsecured creditors committee, which said any asset sale should wait until the company has had its final reorganization plan approved by the court.
The reorganization plan is scheduled for an Oct. 15 confirmation hearing, with the auction scheduled for Oct. 21 and a sale hearing—assigning the assets to the successful bidder—to follow the next day, according to orders filed in the U.S. Bankruptcy Court for the District of Delaware.....
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