Nashotah, Wis.-based automotive injection molder Techniplas LLC filed for Chapter 11 bankruptcy on May 6 as part of a sale and to reorganize its debt.
In documents filed with U.S. Bankruptcy Court in Wilmington, Del., the company listed assets of between $100 million and $500 million and debts between $100 million and $500 million.
The firm obtained up to $50 million from existing noteholders and lenders to continue operations, according to a May 6 news release by Techniplas.
The company listed North American injection molding sales of $515 million for 2018, placing it at No. 36 in the most recent Plastics News ranking. It listed seven plants in the region.
Techniplas officials said it has an agreement with noteholders accounting for about 95 percent of its senior notes have agreed to the move to to create a "more sustainable capital structure."
"We are proud of the confidence represented by the agreement with our noteholders," Ali El-Haj, CEO of Techniplas said in the release. "This solution charts a positive path forward for the company, despite the challenges presented by the global COVID-19 pandemic."
Techniplas did not immediately respond to a request for comment by Plastics News.
The bankruptcy filing and restructuring does not affect the company's subsidiaries outside of the U.S., according to the release.
"Techniplas's international customers and operations, as well as the majority of those in the U.S., will not be impacted by this process," it said.