Cooper-Standard Holdings first-day bankruptcy motions approved

By Caroline Salls

Pittsburgh, Aug. 6 - Cooper-Standard Holdings Inc.'s Canadian debtors received interim access to $15 million in debtor-in-possession financing as part of the interim approval of the company's total $200 million DIP facility, according to a company news release.

As previously reported, the U.S. debtors were granted interim access to $35 million of the DIP financing, $175 million of which will be available initially.

Cooper-Standard said it also received court approval of its other first-day motions, including approval to pay employees wages and benefits.

"The relief granted today ensures Cooper-Standard can continue to serve all customers without delay as the company takes decisive steps to restructure its balance sheet," chairman and chief executive officer James S. McElya said in the release.

"Cooper-Standard's employees will continue to receive salary and benefits, suppliers will be paid on time during the bankruptcy case, and shipments will be delivered as expected."

Cooper-Standard, a Novi, Mich., manufacturer and marketer of systems and components for the global automotive industry, filed for bankruptcy on Aug. 3 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-12743.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.