Wayzata Strikes Again

Wayzata Investment Partners has gained control of Key Plastics through a loan-to-own deal. The manufacturer of thermoplastic components and sub-assemblies for the automotive industry reached an agreement with its Senior Secured Note holders in November to convert $115 million of notes into 100% of the equity of the company. Yesterday, December 16, it announced that it had filed for chapter 11 bankruptcy protection to complete its restructuring and hopes to emerge from bankruptcy early next year. Wayzata recently completed a similar deal for Portola Packaging.