MD Investors, a company formed by the Carlyle Group and Solus Alternative Asset Management, has acquired substantially all of Metaldyne's assets. Metaldyne is a world leading supplier of sinter-forged connecting rods for the automotive industry.
A wholly owned subsidiary of Asahi Tec, Metaldyne is a designer and supplier of metal based components, assemblies and modules for transportation related powertrain and chassis applications including engine, transmission/transfer case, wheel end and suspension, axle and driveline, and noise and vibration control products to the motor vehicle industry.
MD Investors has agreed to purchase most of the company's assets under a 363 sale. Under US bankruptcy law, a 363 sale allows a sale of assets on a going concern basis prior to confirmation of a plan of reorganisation where a good business reason exists.
The sale is the result of a process commenced after the filing by Metaldyne and its US subsidiaries of voluntary petitions under Chapter 11 of the US Bankruptcy Code on 27 May.