DETROIT (Bloomberg) -- Cooper-Standard Automotive Inc. received court approval on May 5 for a commitment for a $150 million working capital loan that will help the auto-parts maker leave bankruptcy following a May 12 confirmation hearing for approval of the Chapter 11 plan.
Other financing includes a $450 million note offering and a backstopped $355 million equity-rights offering. The revised reorganization plan would reduce debt by $650 million to $480 million.
The suburban Detroit supplier makes auto fluid-handling, body-sealing systems, and systems for controlling noise, vibration and harshness. Revenue in 2008 was about $2.6 billion. The Chapter 11 petition filed in August listed assets of $1.73 billion against debt totaling $1.79 billion.