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Automotive News, July, 2005
Plymouth Rubber files Chapter 11
CANTON, Mass. - Plymouth Rubber Co. has filed for Chapter 11 reorganization.
Plymouth said it sought protection from creditors after it could not reach agreement with Pension Benefit Guaranty Corp. and secured creditors on its underfunded pension plan.
It has arranged a funding agreement, subject to court approval, with LaSalle Bank NA that would provide access to $2 million for continuing operations.
Plymouth Rubber of Canton, Mass., makes plastic and rubber products, including automotive tapes.
BorgWarner wins turbo deal
DETROIT - BorgWarner Inc. will supply turbochargers to Hyundai.
The turbochargers will be made at the supplier's Korean joint venture, SeohanWarner...
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