A reorganization plan intended to shepherd Chassix Holdings Inc. out of bankruptcy protection is facing headwinds from unsecured creditors, who say that the reorganized auto-parts maker has been undervalued by $150 million, Dow Jones Daily Bankruptcy Review reported today. In an objection filed on Wednesday in bankruptcy court, lawyers for unsecured creditors said that the difference in valuation benefits the company's bondholders at the expense of its unsecured creditors, who are currently slated to recover between 5 percent and 16 percent of what they are owed. In its own court papers, Chassix has called the plan both fair and reasonable.
