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Article: KPS to Buy FormTech Assets.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- August 31, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jonathan Marino
KPS Capital will buy FormTech Industries assets, the private equity firm revealed, after the maker of metal components for autos filed for Chapter 11 bankruptcy protection.
The FormTech assets will be incorporated into HHI Holdings LLC, a subsidiary of KPS capital that provided DIP financing to the seller. Comment was not provided by press time.
Prior to the Chapter 11 filing, an affiliate of HHI acquired voting control of FormTech's senior secured debt, and HHI and FormTech reached an agreement regarding the going concern sale with the holders of FormTech's first and second lien debt, the companies said in a joint ...
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