NEW YORK (MarketWatch) — Metaldyne Corp. said Thursday that it and its U.S. subsidiaries have filed voluntary petitions in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 of the U.S. Bankruptcy Code. The Plymouth, Mich., auto-parts supplier said that its Japan-based parent company, Asahi Tec Corp., is not part of the filing. Metaldyne has reached non-binding agreements to sell most of its assets as going concerns under a court-supervised sale process. The company said that private-equity firms RHJ International and Carlyle Group have separately submitted letters of intent to buy different parts of Metaldyne assets.
By Michelle Donley
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