Tipton County off hook for Getrag loan-WEB ONLY

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Tipton 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.

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