North American Refractories Files Chapter 11
Friday, January 4, 2002
NARCO Files Chapter 11 Bankruptcy Petition
PITTSBURGH -- The holding company for North American Refractories Co. announced Jan. 4 that NARCO has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In Re North American Refractories Co., No. 02-20198 (W.D. Pa. Bankr.).
The petition, filed in the U.S. District Court for the Western District of Pennsylvania, is part of a major restructuring plan for RHI Refractories Holding Co., a maker of fireproofing materials for the steel industry, according to a statement issued by RHI.
RHI is also the holding company for asbestos defendants Harbison-Walker Refractories Co. and A.P.Green Industries. Those entities are not affected by NARCO¹s Jan. 4 reorganization filing, RHI said.
NARCO is seeking court approval for a $20 million debtor in possession financing facility.
"In the case of NARCO, it is our hope that it will emerge after Chapter 11 reorganization as a financially stable company with improved prospects for future success," said Guenter Karhut, chief executive officer of RHI Refractories Holding Company. "We are working closely with creditors to implement a court-approved business plan that will accomplish this goal."
*** POSTED JANUARY 7, 2002 ***