Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTipton County won’t have to repay Getrag Transmission LLC a $5.5 million loan it received from the company for infrastructure improvements relating to its failed transmission plant, a judge has ruled.
A U.S. Bankruptcy Court judge from the Eastern District of Michigan signed a motion Friday that lets the county off the hook, according to the Kokomo Tribune. In turn, the county withdrew a claim for repayment of $14.1 million it spent on infrastructure costs, the newspaper said.
Getrag Transmission and Chrysler LLC had partnered to build the $530 million plant that would have created up to 1,400 jobs.
Getrag, a Chrysler supplier that filed for Chapter 11 bankruptcy protection in November, halted construction on the 900,000-square-foot building in October after Chrysler pulled out of a financial agreement for the plant.
Please enable JavaScript to view this content.