Union Retirees Say Budd’s Disclosure Statement Should Not Be Approved
Mealey's (February 24, 2016, 6:19 PM EST) -- CHICAGO — A labor union representing 5,500 retirees and spouses, dependents and surviving spouses of retirees of Chapter 11 debtor The Budd Co. Inc. on Feb. 23 objected to the disclosure statement for Budd’s plan of reorganization, saying it does not provide adequate information about several issues, including the treatment of retiree claims and future health care benefits (In re: The Budd Company, Inc., No. 14-11873, N.D. Ill. Bkcy.).
(Objection available. Document #48-160226-027B.)
Budd filed a voluntary Chapter 11 petition in March 2014 in...