DETROIT -- Auto-parts supplier Metaldyne Corp. has closed the court-supervised sale of most of its assets to a group of investors.
The company, now called Metaldyne LLC, is expected to post about $650 million in annual revenue, primarily from the production of automotive powertrain components.
It will have 26 facilities in 12 countries, and its headquarters will remain in Plymouth, Mich.
The company announced the completion of the sale on Friday.
Metaldyne's assets were bought by MD Investors Corp., a group of existing term lenders led by private equity firm Carlyle Group and investment adviser Solus Alternative Asset Management LP, according to a Metaldyne statement today.
MD Investors paid $40 million in cash, assumed debt and liabilities of the old Metaldyne, and bid more than $425 million in new secured term debt for the assets, according to the statement.
“The sale of our best-performing businesses was the foundation of our restructuring goals for Metaldyne's operations through the Chapter 11 process,” Metaldyne CEO Tom Amato said in the statement.
Not included in the new company are Metaldyne operations in New Castle, Ind.; Greensboro, N.C.; Middleville, Mich.; Niles, Ill.; and Thamesville, Ontario. New Castle shut down Aug. 31 and the rest are scheduled to close by the end of the year.
Metaldyne filed for Chapter 11 bankruptcy in late May after its parent, Japan-based Asahi Tec Corp., halted financial support to the debt-heavy supplier.
Metaldyne posted about $1.5 billion in revenue in 2008.