 |
 |
|
Automotive Component Holdings LLC (ACH) has filed a motion for relief from the automatic stay to offset mutual prepetition claims between it and Diamond Glass. This motion follows ACH's previously filed objection in Diamond's bankruptcy case. (CLICK HERE for related story.) In the motion, ACH, which recently was purchased by Zeledyne LLC, writes that it sold glass to Diamond pre-petition, on credit terms, and that Diamond performed auto glass replacement services for it on credit terms. Currently, ACH has an unpaid prepetition contract claim against Diamond for $572,327.32 for glass that it sold and delivered to Diamond prior to the April 1 filing, while it owes Diamond approximately $350,000 for work Diamond performed for it under the companies' joint contract. Through the motion, ACH is requesting "relief from the automatic stay to permit ACH to offset [its] prepetition indebtedness to Diamond Glass against ACH's prepetition claim against the Debtor." The bankruptcy code's automatic stay, however, prevents ACH currently from "offsetting" its debt against the debt that Diamond owes to it, according to court documents. CLICK HERE
for full text of motion. Need more info and analysis about the issues? |
|
|
ACH
Files Motion for Relief from Automatic Stay in Diamond Case