Yesterday, the American Safety Razor Co. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Wilmington, Delaware. The New Jersey-based company is the fourth largest manufacturer of shaving razors and blades.
The company has set a deal to sell to first-lier lenders for $244 million. Junior lenders are owed $178 million. Razor Co. plans to hold an auction that will allow second-lier lenders and any others seven weeks to bid higher.
Razor Co. has acquired $25 million in bankruptcy finances to continue operating while they restructure and pay off debts. Razor Co. officials believe the restructuring will allow the company to reduce its debt while still investing in new razor technology.
If you or someone you know is considering filing for bankruptcy protection, contact the Milwaukee Chapter 7 and Chapter 13 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.