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Novi-based auto supplier Cooper-Standard Automotive filed a bankruptcy plan this week that would allow the company to emerge from Chapter 11 protection under the ownership of its bondholders.

Novi-based auto supplier Cooper-Standard Holdings Inc. filed for bankruptcy protection Monday, becoming the latest auto supplier to file for Chapter 11 amid falling sales and unbearable amounts of debt. But Cooper-Standard, which employs 840 people in Michigan, said it has made progress in talks with its lenders about a restructuring plan to cut the company's debt.

Novi-based auto supplier Cooper Standard Holdings Inc. filed for bankruptcy protection today as part of a plan to cut its debt through a court restructuring.

Novi-based auto supplier Cooper-Standard emerged from bankruptcy protection Thursday under the ownership of its bondholders. "The company has emerged with an exceptionally strong balance sheet that will enable us to maintain our leadership position and grow in the industry," said James McElya, Cooper-Standard's chairman and CEO, in a statement.

Novi-based auto supplier Cooper-Standard emerged from bankruptcy protection today under the ownership of a group of its bondholders.