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Key Plastics angles for time;Seeks restructuring; sale explored.
Crain's Detroit Business, March, 2000 by Mccracken, Jeffrey
Struggling auto-plastics supplier Key Plastics L.L.C. wants suppliers and other creditors to give it 90 days to restructure and explore the potential sale of the company. A March 7 letter sent to Key creditors and obtained by Crain's Detroit Business says the company is in ``dire financial circumstances'' and couldn't pay off unsecured creditors if the plastics maker were liquidated as part of a bankruptcy.
The letter was written by the Madison Heights-based National Association of Credit Management - Great Lakes, which is acting as secretary for an informal committee of unsecured Key creditors. The letter also says Key, in exchange for leniency by unsecured creditors, would hire an investment banker by last Friday to pursue the sale of the company. Key...
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