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March 20, 2006 at 07:00 PM
NEW YORK (HedgeWorld.com)–Deirdre A. Martini, U.S. trustee, has named P. Schoenfeld Asset Management LLC, a prominent hedge fund manager, to the committee of unsecured creditors in the Chapter 11 proceedings concerning Dana Corp., the Ohio-based auto parts manufacturer that filed for bankruptcy protection March 3.
A trustee will usually name to such a committee the seven entities, of those willing to serve, that hold the seven largest claims against the debtor, although she may also try to ensure that the different classes of claim (tort judgments, bonds, trade debts, etc.) are represented.
The committee is central to subsequent proceedings, hammering out a plan of reorganization that will in time be submitted to the court for approval.
Aside from P. Schoenfeld, the new committee includes: Wilmington Trust Co., New York; Judy Scott, executrix for the estate of Matthew Scott, Belfair, Wash.; Sypris Technologies Inc., Louisville, Ky.; Metaldyne Co. LLC, Plymouth. Mich.; Eaton Corp., Cleveland; and the United Automobile Workers, Detroit.
P. Schoenfeld is an activist fund manager that played an important role, for example, in pressing successfully for a Weyerhaeuser-Willamette merger in 2002.
