BY JOHN REED LEADER EDITOR
KNOX — There appears to be a good chance that the MPI plant in Knox will remain open.
The parent firm of Knox's MPI -  a key supplier to the Big 3 Automakers - filed bankruptcy Friday, Dec. 12. The bankruptcy action was filed by PPI (Precision Parts International), a holding company whose remaining business is MPI.

However, Charles Weaver said Monday that bankruptcy documents indicate there are three potential buyers, and that an auction will be held to select a buyer. Employees at the Knox plant have been told they will have jobs for the foreseeable future.
Weaver is executive director of the Starke County Development Foundation and immediately began working to find a buyer when the bankruptcy was announced.
Bankruptcy was unavoidable, said Joe Lefave, PPI president and chief executive officer. “The current depressed conditions in the domestic auto industry, along with the continued tightening of credit markets, created insurmountable hurdles that could not be overcome."
MPI manufactures critical high-precision components for engines, transmissions, brakes, safety and seating systems.
Weaver said the prospects for a buyer are good because MPI “is a critical supplier to the auto industry. Closing of the plant here could shut down the auto industry. No one else does what is done here.” He said the employees have advanced manufacturing skills.
MPI employs 323.