Today Accuride Corporation, an auto parts manufacturer, filed for protection under Chapter 11. In the proposed restructuring agreement will cancel all senior subordinated notes. Holders of those notes will receive 98% of the common stock in the reorganized company. The current common stock will be cancelled and holders will received 2% of the restructured company.
Shares in the company (OTC: AURD) dropped closed to 60% on the news, settling around $0.14.
Garrett W. McIntyre
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