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Key Plastics bankruptcy sale on hold; talks resume.(Carlyle Management possible bidder)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, January, 2001 by Miel, Rhoda
The future of injection molder Key Plastics L.L.C. is back up in the air. One bidder has amended its offer to buy the company's assets out of Chapter 11, while negotiations with other bidders have restarted. An auction of the automotive supplier's holdings was scheduled for last Thursday in Detroit, with a U.S.
Bankruptcy Court judge expected to approve the sale the next day. But the auction was canceled, and Key now is negotiating with three potential buyers. Meanwhile, Key told employees at its South Bend, Ind., plant earlier this month that the factory will close sometime in March. The plant employs about 200. Key has 34 plants in nine countries. Key executives were not available for comment last week. After the Jan. 25 auction was canceled, Key's...
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