Foundry Stalwart Files Chapter 11 Bankruptcy
San Jose Bankruptcy Attorney comments on Foundry Stalwart Bankruptcy
San Jose residents, have you ever looked down at manhole covers and wondered who produces such things? Well, Neenah Enterprises a stalwart in iron works has been producing such iron products for cities since 1872, according to the research of a local San Jose bankruptcy attorney.
Despite its history, Neenah has recently filed for chapter 11 bankruptcy protection. Neenah cites a decline in overall sales volume as a catalyst for the filing.
The company has assets of $286.6 million and debts of $449.1 million on a consolidated basis as of Sept. 30 according to the documents filed in U.S. Bankruptcy Court. According to RTT news, the company has reached an agreement in principle with key creditor constituencies on the terms of a plan of reorganization that proposes to reduce the company's debt by approximately $220 million while providing 100% recoveries for the Company's suppliers and vendors.
According to WTAQ The owner of the Neenah Foundry says it will not layoff anyone, after filing for Chapter 11 bankruptcy protection.
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