(Reuters) – Taylor-Wharton International LLC said it had reached an agreement in principle with lenders to restructure its debt and had filed for a pre-arranged voluntary Chapter 11 bankruptcy to implement the restructuring.
The company listed assets in the range of $10 million to $50 million and liabilities of between $100 million to $500 million.
The company, whose unit Taylor-Wharton was founded in 1742 and is the oldest metal working company in continuous operation in the U.S., said it had secured $20 million in debtor-in-possession financings. Its debt obligations will be reduced by more than 50 percent under the agreed terms, it added.
None of Taylor-Wharton’s operations outside the U.S. were included in the filing, it said.
Additionally, after coming out of Chapter 11, Taylor-Wharton will get improved terms from its lenders and access to new financing, including a $25 million credit facility, the company said.
The company also named Len York as its chief financial officer.
Taylor-Wharton International is a manufacturing and servicing network for gas applications involving pressure vessels and precision valves.
The filings were made in the United States Bankruptcy Court for the District of Delaware.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Lincoln Feast)
peHUB Note: Taylor-Wharton is a portfolio company of Wind Point Partners