Neenah Enterprises Inc., one of the largest independent foundry companies in the country and major U.S. supplier of manhole covers, said Friday it has emerged from bankruptcy under new ownership.
According to its website, the company said its reorganization plan was approved earlier this month in a U.S. Bankruptcy Court in Wilmington, Del. The company has also reduced its debt by more than $270 million, according to a release on the website.
Neenah Enterprises, the parent company of the 125-year-old Neenah Foundry Co., Neenah, on Feb. 3 filed to reorganize under Chapter 11. The company filed for Chapter 11 to reduce $220 million in debt.
At the time of the filing, the company listed assets of about $286 million and total debt of about $449 million.
Neenah, according to the release, said it has arranged $140 million in debtor-in-possession financing from lenders and senior note holders.