Grede files for bankruptcy, looks for new owner.(Industry News)

Ferrous metalcasting giant Grede Foundries Inc., Milwaukee, announced it has filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code and is seeking a long-term owner for the company. According to a press release issued by Grede, the company has a potential buyer willing to finance it until a public sale where other suitors can submit bids. Wayzata Investment Partners LLC, Wayzata, Minn., an investment adviser and manager of private investment funds, has offered to provide a $45 million temporary loan facility to allow time for sale under the supervision of the Bankruptcy Court.

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