(Corrects paragraph three to show equity plan is backstopped by funds associated with Oak Hill Advisors, not Oak Hill Capital Partners)
* Files amended bankruptcy plan
* Senior noteholders would be paid in full (Adds details of amended plan, background on auto parts makers, byline)
By Tom Hals
WILMINGTON, Del., March 22 (Reuters) - Auto parts maker Cooper Standard Holdings Inc [COPST.UL] filed an amended plan of reorganization that increases noteholders' new equity investment in the company by 45 percent to $355 million.
The amended plan also proposes a larger recovery for subordinated noteholders than originally proposed, according to court documents.
The new equity plan is being backstopped by funds associated with American Funds, Oak Hill Adivsors, Silver Point Capital and the TCW Group, among others, according to the documents.
The amended plan comes as auto parts makers have enjoyed a sharp reversal of fortune from a year ago when Chrysler and General Motors tumbled into bankruptcy.
Shares of Lear Corp (LEA.N) have risen 50 percent since it emerged from bankruptcy last November. And at Visteon Corp VSTNQ.PK, strong cash flow figures have set off a squabble among creditors and even shareholders for larger payouts in that company's bankruptcy.
Under Cooper Standard's amended plan, prebankruptcy credit facility lenders, who have claims of $658.4 million, would be paid in full, as would senior noteholders, who have claims of $219.3 million.
Holders of senior subordinated debt get 8 percent equity and warrants for 3 percent for their claims of $330 million.
Certain senior subordinated noteholders will have the right to purchase up to 39.6 percent of the shares in the reorganized company as part of their participation in the sale of new equity.
In addition, senior noteholders could end up with 20 percent of the equity in the company by forgoing cash and receiving shares.
If the plan is approved, the company's debt would be cut to $480 million. When it filed for bankruptcy, its total consolidated debt was $1.79 billion.
Under the plan proposed by the company earlier this year, debt would have been cut to $430 million. The original plan had an equity commitment of $245 million.
The disclosure statement describing the amended plan, sent to creditors who will vote on the reorganization, must be approved by the Delaware bankruptcy judge overseeing the case. A hearing has been scheduled for March 26.
The company is still discussing the terms of its exit financing agreement, according to a company spokesman.
The company filed for protection from creditors last August, saying it could not repay its debt amid a drop in U.S. auto sales.
Cooper Standard, which employs about 16,000 workers worldwide, makes door, body and sunroof seals, as well as systems that move fuel and brake fluid throughout a vehicle.
The case is In re Cooper-Standard Holdings Inc, US Bankruptcy Court, District of Delaware, No. 09-12743. (Reporting by Thomas Hals; editing by John Wallace))