Greek pipemaker buys majority share of restructured Imperial PlasTech
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Extruder Imperial PlasTech Inc. has emerged from its restructuring process with Greek multinational A.G. Petzetakis...
Extruder Imperial PlasTech Inc. has emerged from its restructuring process with Greek multinational A.G. Petzetakis S.A. and its managing director George Petzetakis holding a controlling interest in the company. A.G. Petzetakis (AGP) is a fast-growing manufacturer of plastic pipe and hose systems, with 11 manufacturing facilities in 6 countries.
As part of the restructuring plan, Imperial PlasTech consolidated its shares, and then sold 85% of the new shares to AGP and Geoge Petzetakis for $2 million. That investment helped the company promise $1.4 million to unsecured creditors.
Imperial PlasTech continues to operate three manufacturing facilities, in Edmonton, AB, Peterborough, ON, and Atlanta, GA. The company’s head office has moved to Oakville, ON.
Peter Perley, the chief restructuring officer, will continue as CEO of Imperial PlasTech. Mr. Petzetakis and two others have joined the board of directors.
Founded in 1989, Imperial PlasTech filed for protection from creditors in July 2003. At that time, A.G. Petzetakis assumed the company’s indebtedness of $3.1 million.
Prior to the restructuring, Imperial PlasTech produced pipe for various markets, a wood-fibre plastic composite product line, and conduit for fibre-optic cabling.