April 1 (Bloomberg) — Budd Co., a former maker of stainless steel passenger rail cars, filed for bankruptcy protection to modify benefits that it can't fully pay.
The company listed assets of as much as $500 million and debt of more than $1 billion in Chapter 11 documents filed last night in U.S. Bankruptcy Court in Chicago, where it is based.
Budd is no longer engaged in manufacturing and has no employees, it said in court papers. It said it can't pay the benefits in full and is seeking to change them to provide "fair and equitable treatment to its retirees and other creditors."
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