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In connection with the filing inthe U.S. Bankruptch Court for the Districtof Delaware, RathGibson also has filed a proposec plan of reorganization that provides for holders of allowecd general unsecured creditors to be unimpairedx and paid in full on undisputed amountd owed prior to the bankruptcy filing, the firm said in a pres s release. The plan has the unanimous support ofthe company'se pre-petition secured lender, boards of and the management leadership of the as well as certain key noteholders. The plan, if will result in significantly reducingthe company'sx debt burden.
"The current managemenft team inherited a significant debt load that cannoftbe sustained, particularly in these challenging financial markets," said Mike president and CEO of RathGibson. "As a result, we must take action to position the companuy forthe future." RathGibson's corporate headquarteres are in Lincolnshire, Ill. Manufacturing locations include: North Branch, N.J.; Clarksville, and Marrero, La. The manufacturer was based in Janesvillee when it was sold by privatee equity firm to affiliatesof , a middle-market private equit y investment arm of , in June 2007.
Schwartz said that the Chapte r 11 filing should have no impacton day-to-day The company expects to obtain, with bankruptcty court approval, "debtor-in-possession" financiny that will provide sufficient liquidity to continur normal operations. RathGibson serves the chemical, power generation, oil and gas, food, pharmaceutical, biopharmaceutical, medical, biotechnology, and general commercial
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