Crucible Materials Enters Ch. 11 In Search Of Capital

Law360 (May 7, 2009, 12:00 AM EDT) -- Specialty metals company Crucible Materials Corp. has filed for bankruptcy in a last-ditch effort to secure working capital through debtor-in-possession financing, warning that it may have to liquidate.

Syracuse, N.Y.-based Crucible filed for Chapter 11 protection Wednesday in the U.S. Bankruptcy Court for the District of Delaware. The company also requested permission to obtain a maximum of about $69.4 million in DIP financing.

The company currently has assets and liabilities of at least $100 million each, according to the petition.

Crucible largest unsecured creditors include Sentry...
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