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DECEMBER 17, 2008 -
KEY PLASTICS L.L.C. ANNOUNCED TODAY THAT IT RECEIVED A VARIETY OF FIRST DAY ORDERS FROM THE COURT THAT WILL
ALLOW IT TO CONTINUE MANAGING ITS OPERATIONS IN THE ORDINARY COURSE
NORTHVILLE,
Key Plastics L.L.C. (the “Company”), one of the leading manufacturers of engineered plastic components for the global automotive industry, announced today that it received a variety of first day orders from the Court that will allow it to continue managing its operations in the ordinary course. It received court orders authorizing the Company to pay certain prepetition claims of unsecured creditors in the ordinary course of business. In addition, the Company received authorization to utilize its existing cash management system. As a result, all obligations owed to trade creditors, suppliers, customers and employees in the ordinary course of business will be unaffected by the restructuring. Moreover, the Company will also provide timely payments to providers of goods and services delivered post-petition. Ralph Ralston, President & COO of the Company’s North American operations, stated, "We are pleased to have received approval of all of the requested first day orders. We are on schedule and hope to move through our consensual restructuring process quickly. We hope to have our prepackaged plan approved by the end of January, 2009." About Key Plastics, L.L.C. Key Plastics is a leading supplier of a broad range of highly engineered plastic components and functional assemblies to manufacturers of light vehicles and their tier one suppliers in North America, Europe, and Asia. In North America, the Company has strong market positions in door handles, pressurized fluid reservoirs, and other precision molded parts. In Europe, the Company has strong market positions in decorative bezels, center consoles, air vents and other mechanisms, decorative trim, and underhood technical components. Key Plastics employs approximately 5,000 personnel in North America, Europe, and Asia. |
