FormTech liquidation plan approved by majority of voting creditors

By Caroline Salls

Pittsburgh, March 28 - FormTech Industries, LLC's plan of liquidation was accepted by a majority of voting creditors, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The one holder of $1.00 of secured lender claims voted to accept the plan, as did 81 holders, or 81.67% in number, of $5.02 million, or 97.6% in amount, of general unsecured claims.

Meanwhile, 13 holders, or 13.83% in number, of $123,359, or 2.4% in amount, of general unsecured claims voted to reject it.

The plan confirmation hearing is scheduled for Wednesday.

FormTech is a Royal Oak, Mich., provider of forged metal components to the automotive light vehicle, heavy truck and industrial markets of North America. The company filed for bankruptcy on Aug. 26, 2009, and its Chapter 11 case number is 09-12964.

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