The municipal and industrial market casting supplier said it expects its emergence from bankruptcy to continue on schedule, with a confirmation hearing for its reorganization plan scheduled for July 6 and closure on the financing expected two weeks later. Neenah announced in a statement that it will have reduced its debt by more than $270 million upon emergence.
In connection with its exit from bankruptcy, Neenah will transition to a temporary executive management team composed of executives from Huron Consulting Services LLC, Chicago. Neenah has hired an executive recruiting firm to assist it in hiring permanent successors.
Neenah and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on Feb. 3. Huron has served as the company’s restructuring advisor during the reorganization process.
Neenah is the indirect parent holding company of Neenah Foundry Co., which manufactures iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets.