NEW YORK (Reuters) – Key Plastics LLC, a maker of plastic components for cars and trucks, has completed its prepackaged bankruptcy, the company said this week.
In a statement posted on its website on Monday, Key Plastics said its reorganization plan took effect on Feb. 13.
During the bankruptcy the company eliminated $115 million of secured debt and obtained a new $20 million equity investment from new controlling shareholder Wayzata Investment Partners LLC, it said.
The company, based in Northville Michigan, filed for bankruptcy protection in December. So-called prepackaged plans allow the company to move through the process more quickly because creditors vote on major decisions prior to the bankruptcy filing with the court.
Key Plastics makes decorative bezels, center consoles and door handles. (Reporting by Emily Chasan; Editing by Andre Grenon)