HedgeCo.Net (New York) – Hedge funds with large holdings in Dura Automotive Systems Inc.\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s $1.7 billion debt are protesting the auto parts maker\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s plan to finance its bankruptcy, saying the deal threatens to jeopardize their rights.<\/p>\n
A committee made up of hedge funds that claim to own most of Dura\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s $225 million in second-lien debt say they don\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2t like Dura\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s plans. Dura listed assets of about $2 billion and debts of $1.7 billion. <\/p>\n
The Rochester Hills-based auto parts supplier filed for Chapter 11 protection Oct. 30 with plans for a $300 million debtor-in-possession finance package that would allow it to pay off holders of first-lien debt, who are owed $125 million. <\/p>\n
Auto suppliers have drawn more interest lately from private equity firms and hedge funds, an indication that there may be possibillities for the struggling sector to be turned around. <\/p>\n
Several firms and hedge funds are vying for control of Delphi, and Visteon Corp. has drawn interest from hedge fund Pardus Capital Management. Lear Corp. recently closed a private stock placement with funds controlled by hedge fund investor Carl Icahn, who is set to become the supplier\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s largest shareholder. <\/p>\n<\/div>\n
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Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" HedgeCo.Net (New York) – Hedge funds with large holdings in Dura Automotive Systems Inc.\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s $1.7 billion debt are protesting the auto parts maker\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s plan to finance its bankruptcy, saying the deal threatens to jeopardize their rights. A committee made up […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5280","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5280"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5280\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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