Barzel Enters Ch. 11 With $65M Bid In Hand

Law360, New York (September 15, 2009, 5:07 PM EDT) -- Metal processing company Barzel Industries Inc. filed for bankruptcy Tuesday with a plan in hand to sell its assets to Chriscott USA Inc. for $65 million, blaming declining sales and the heavy debt load it took on to fund its $585.2 million acquisition of Novamerica Steel Inc. in 2007.

Barzel has assets of about $370.1 million and liabilities of about $375.4 million, according to a declaration filed along with its bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware by Karen Narwold, the...
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