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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.