Gloucester Engineering files for voluntary reorganization under Chapter 11

Gloucester Engineering Co, USA’s leading film extruder manufacturer has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code as per plasticsnews. The US Bankruptcy Court in Boston will have to decide whether to accept the Chapter 11 filing. In March, three creditors filed with the court to force the Gloucester-based film equipment maker into Chapter 7 liquidation. The company has an agreement with an affiliate of Blue Wolf Capital Fund II LP to provide US$6 mln in debtor-in-possession financing, which will allow the company to continue to operate during the reorganization. Blue Wolf has been extending credit to the company since May. The company continues to operate, and has been accepting new orders and paying vendors, and that will continue through the reorganization process.
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