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Wisconsin foundry files for bankruptcy protection

WILMINGTON, Del. (AP) — Neenah Enterprises, one of the largest independent

For years, the Neenah Foundry Co., Neenah, Wis., has been known for its tree grates (above), manhole covers and sewer covers. The company filed for bancruptcy protection on Wednesday.

For years, the Neenah Foundry Co., Neenah, Wis., has been known for its tree grates (above), manhole covers and sewer covers. The company filed for bankruptcy protection on Wednesday.

foundry companies in the country, has filed for Chapter 11 bankruptcy protection in Delaware.

The Wisconsin-based company listed assets of about $286 million and total debt of about $449 million in a filing submitted Wednesday.

Neenah, one of the leading suppliers of castings such as manhole covers and sewer grates to municipal and industrial markets, said it has arranged $140 million in debtor-in-possession financing from lenders and senior note holders.

The company also said it has reached an agreement in principle with key creditors on a reorganization plan that would reduce its debt by about $220 million while providing full recovery to suppliers and vendors.

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