Graeme Hart's UCI Holdings files for bankruptcy protection

Thu, 02 Jun 2016

By Sophie Boot June 3 (BusinessDesk) - New Zealand billionaire Graeme Hart's UCI Holdings auto parts business has filed for bankruptcy protection in the United States as it looks to restructure. In a statement, the company said it had filed under Chapter 11 of the United States Bankruptcy Code. Chapter 11 allows a debtor to reorganise their financial obligations while remaining in control of their assets and gives protection from creditors taking legal action. "UCI commenced the filing to deleverage the company and better position the...

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