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News > Companies
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Formica files Chapter 11
Laminated material maker files for bankruptcy and secures $78M financing.
March 5, 2002: 8:21 a.m. ET
graphic NEW YORK (CNN/Money) - Formica Corp., one of the world's leading producers of laminate surfacing materials, filed for Chapter 11 bankruptcy protection Tuesday.

The Warren, N.J.-based company also entered an agreement with its secured lender bank group to provide $77.9 million in debtor-in-possession financing to support its continuing operations, which it said will be unaffected by the filing.

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Formica said the financing will augment its $22 million in cash.

In addition, the privately-held company said Credit Suisse First Boston Private Equity proposed a restructuring plan to the lending bank group of its parent company, Laminates Acquisition Co., by which it will invest $51 million to pay down its senior secured credit facility.

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However, the company said no provision will be made to holders of senior subordinated notes, preferred stock or common stock under the restructuring plan.

Chapter 11 bankruptcy protection allows a company to continue operating while restructuring its debt with lenders. graphic
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