The Wisconsin-based independent foundry company, Neenah Enterprises Inc., recently announced their emergence from Chapter 11 bankruptcy protection. Chapter 11 bankruptcy allows a business to continue operations while restructuring and paying off their debts.
The company and 17 of its affiliates filed for bankruptcy in February. Neenah sells castings like manhole covers and storm grates to municipal governments.
Neenah says they have cut their debt by over $270 million since declaring bankruptcy. The company’s reorganization plan was approved by a court in Delaware in July. Neenah’s “secured and subordinated term debt was converted into equity as a part of the restructuring”.
If you or someone you know is considering filing for bankruptcy protection, contact the Milwaukee debt negotiation lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.