Milacron resorts to Chapter 11 bankruptcy protection

Injection molding machine manufacturer Milacron Inc. recently filed for voluntary Chapter 11 protection to make the sale to an investor group possible. The Chapter 11 protection is strictly limited to the US and Canadian Milacron Companies; thus, Milacron BV Netherlands, the holding company owning all European businesses is not affected. European businesses will continue to operate as independent legal entities and with their own separate cash management. The investors Avenue Capital Group and DDJ Capital Management LLC will inject US$40 mln of fresh liquidity. In a second step the two will purchase substantially all of the company's assets and then Milacron will continue as a going concern with substantially less debt. Milacron will also receive US$55 mln debt-in-possession finance from General Electric Capital Corporation replacing its previous revolving credit facility.
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