Valeo unveils rescue plan for U.S. unit

Newswire

PARIS, Sept 25 (Reuters) - French car parts supplier Valeo on Wednesday announced it would inject $226 million into a rescue plan to recapitalise its insolvent U.S. subsidiary. Valeo said in a statement that Valeo Electrical Systems Inc. (VESI) was cleared to emerge from the protection of Chapter 11 of the U.S. bankruptcy code after the U.S. bankruptcy court approved the refunding plan. The plan should take effect from October 7, with payments to creditors holding "allowed claims" due to ...

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