Foundry Co. Files For Ch. 11 Amid Drop In Sales

Law360, New York (February 3, 2010, 6:45 PM EST) -- Iron foundry and heavy casting company Neenah Enterprises Inc. and at least 15 of its subsidiaries have filed for voluntary Chapter 11 reorganization, citing a 35 percent drop in sales volume in 2009 because of dramatic declines in construction and other markets.

NEI said it had reached an agreement with key creditors on terms for a reorganization plan that would cut its debt by about $220 million, according to a statement from the company and court filings in the U.S. Bankruptcy Court for the District of...
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