New Chapter 11 Filing – IEH Auto Parts Holding LLC
On January 31, 2023, IEH Auto Parts Holding LLC d/b/a Auto Plus, an automotive aftermarkets parts distributor, along with several affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 23-90054). The company reports approximately $100 million to $500 million in both assets and liabilities. According to a press release from Icahn Enterprises L.P. (Nasdaq: IEP) (“IEP”), various factors have negatively impacted Auto Plus as well as the industry in general, including lessened demand, supply chain disruptions, an inflationary environment and the effects of COVID-19. By filing for chapter 11 protection, Auto Plus expects to continue to operate its business in the ordinary course and also plans to run a sale process for substantially all of its assets during the chapter 11 case. The press release also states that that the chapter 11 proceedings will not have a significant impact on IEP.
Cole Schotz does not represent the Debtors in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel. Cole Schotz’s nationally renowned Bankruptcy & Corporate Restructuring group practices in Delaware, Maryland, New Jersey, New York, and Texas.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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