Creditors shoot down Tri Star’s bankruptcy exit plan
Nov 17, 2009 | 10:33 AM
| Paul Schaffer
Drawing fire from creditors and a U.S. Justice Department watchdog, Tri Star Aluminum Co. LP's management has dropped an initial plan for the company to exit bankruptcy protection.
Plan B will be an auction, according to Robert Gonzales, who serves as chief restructuring officer at the Alexandria, Tenn., secondary aluminum smelter.
Under the September proposal, Gonzales, from the investment firm Tortola Partners, would have held 23.75 percent of the post-bankruptcy equity (AMM, Sept. 23). His holdings, and those of two Tortola colleagues, would have amounted to 50-percent ownership, reducing the equity of company president Joseph Levanowicz to 50 percent.....
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