Business Services Industry
Peregrine's fate rests in creditors' hands.
Crain's Detroit Business, October, 1998 by Sherefkin, Robert
ROBERT SHEREFKIN Peregrine Inc.'s creditors risk losing even more money if they reject the troubled supplier's proposed recovery plan. Peregrine CEO James Bonsall said a rebuff would force the Southfield-based company into a costly bankruptcy proceeding that would return creditors even less than the $20 million promised in a private settlement.
About 500 creditors who are owed as much as $60 million have until Nov. 27 to decide. The reorganization requires approval of 90 percent of creditors. Peregrine is the first GM spinoff to stumble. The company's troubles are an embarrassment to GM at a time when the automaker plans its biggest spinoff: the launch of Delphi Automotive Systems as a stand-alone supplier. The UAW fears Delphi will be unable to...
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