US court OKs Dura sale of Atwood unit, equity plan
Business Law
Dura Automotive Systems Inc. has received U.S. Bankruptcy Court approval for the $160.2 million sale of its Atwood Mobile Products unit and an equity plan with Pacificor LLC to support its reorganization.
Dura, which filed for bankruptcy in October 2006 in Delaware, announced the approvals late on Wednesday. It expects to emerge from court protection in the fourth quarter.
The agreement with Pacificor provides a $140 million to $160 million commitment and would make Dura a privately held company upon its emergence from Chapter 11, with protections for minority shareholders, Dura said.
Several parties objected to an earlier equity plan led by Pacificor, but Dura filed an amended agreement earlier this week to address the objections.
Private equity firm Insight Equity is acquiring the Atwood unit from Rochester Hills, Michigan-based Dura. Atwood is based in Elkhart, Indiana.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.