Thermoset resins and composites supplier Reichhold Inc. has filed for bankruptcy.
Durham, N.C.-based Reichhold — a leading supplier of unsaturated polyesters and vinyl esters used in composites — on Sept. 30 filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code at the bankruptcy court in Wilmington, Del.
The firm has obtained $130 million from its bondholders to fund continuing operations, officials said in a news release. That financing also will be used to repay existing secured financing in North America and Europe.
Bondholders also will be the lead bidder in a sale of the firm, which officials said will take place in the next few months. In documents filed with U.S. Bankruptcy Court in Wilmington, Del., Reichhold listed assets of between $100 million and $500 million and debts of between $500 million and $1 billion.
“All of Reichhold's operations are open and serving customers as usual,” Chairman, President and CEO John Gaither said in the release. “We have the full support of our bondholders, and will emerge from this process even more capable of developing and delivering the innovative products and services that our customers value.”