The Wall Street Journal reports auto-parts supplier Plastech Engineered Products Inc. plans to sell its main businesses at an auction and is negotiating a sale of its interiors business to rival parts maker Johnson Controls.
Plastech is asking the U.S. Bankruptcy Court in Detroit to approve bidding rules and set a June 16 auction. The company is talking with potential buyers, but hasn't reached any deals.
The company said in court papers filed Friday that it has been talking with Johnson Controls, one of its main customers, about a sale of its interiors business. Plastech said its major creditors favor a sale to Johnson Controls.
Plastech, based in Dearborn, filed for bankruptcy protection in February in a bid to stop Chrysler from seizing tools used to manufacture parts for Chrysler. The dispute between the two companies remains unresolved.
– By Ed Coury, senior editor and Midwest bureau chief for the Wall Street Journal Radio Network, Dow Jones & Co., and a reporter for WWJ Newsradio 950. This report contains information published in The Wall Street Journal.
WWJ e-newsletters sign up WWJ Newsradio 950 e-newsletters bring automotive, business, technology, entertainment, and home news and information to your desktop. Interested in a complimentary subscription? Please register as a new reader by clicking here.
ADVERTISEMENT
Sponsored Links:
WWJ Newsradio 950 is Detroit's only all-news radio station and is the leader in Detroit radio news. Listen online to WWJ-AM 950 for live, local Detroit news, up-to-the-minute Detroit traffic, Detroit sports, Detroit business and Detroit community information. WWJ Newsradio 950 is an award winning radio station and you can listen online and podcast on demand Detroit news, Detroit Construction Alerts, Detroit School Closings, Winter Survival Guide and learn more about our Business Breakfasts. www.wwj.com.
