Newcor files reorganization plan

WILMINGTON, Del. (Oct. 22)—Newcor Inc. and its wholly owned subsidiaries have filed a proposed Joint Plan of Reorganization in their Chapter 11 case before the U.S. Bankruptcy Court for the District of Delaware. Under the plan, Newcor would continue operations after the cancellation of $125 million of senior notes and a distribution of $28 million of new notes and $20 million in cash, $6 million of which would stem from a rights offering guaranteed by its largest shareholder, Exx Inc. The plan now is subject to approval by the court and Newcor's creditors.