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