Gloucester Engineering files for Chapter 11
Film extruder manufacturer Gloucester Engineering Co. has filed for voluntary reorganization under Chapter 11 ...
June 27, 2010 by Canadian Plastics
Film extruder manufacturer Gloucester Engineering Co. has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The Chapter 11 announcement comes on the heels of an agreement reached on May 25 with an affiliate ofprivate equity firm Blue Wolf Capital Fund II LP to provide a credit facility to Gloucester Engineering to fund its working capital requirements. “The infusion of capital will fund [Gloucester Engineering’s] near-term capital requirements and allow the company to return to its daily business of taking and fulfilling orders and servicing its customers,” the companies said on May 25.
Gloucester Engineering, which was founded in 1961, will continue to operate.