Auburn Foundry Updates Finances in Bankruptcy Plan

Hearing set in April to approve reorganization plant

According to local press reports, Auburn Foundry Inc. revised its financial disclosure statements in presentations to the federal bankruptcy court overseeing its Chapter 11 reorganization. The Auburn, IN, company declared bankruptcy in February 2004 and filed its reorganization plan in July.

The revisions have been approved by the court and will be added to the disclosure statement, which consists of financial information about the company and a summary of the reorganization plan. Creditors now will receive the plan. The court set a hearing in early April to confirm the reorganization plan.

Auburn Foundry produces ductile and gray-iron cast products at two plants in Auburn. It plans to sell one of the plants and consolidte operations at a single location. The reorganization plan involves chartering a new company -- AFI L.L.C. -- to purchase and operate the second plant.

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