Neenah Financial Restructuring Now Complete

Oct. 10, 2003
Debt reduction, refinancing called successful

Neenah Foundry Co., Neenah, WI, reported it has completed the financial restructuring program it first announced last spring and initiated in September Though it was not originally planned, Neenah filed a Chapter 11 bankruptcy claim -- confirmed on September 25 -- in order to complete the restructuring.

The company, which produces castings and forgings, said its reorganization plan has been supported by its existing lenders and noteholders.

Neenah Foundry CEO William Barrett said, "We appreciate all of the support we have received throughout this process from our lenders, noteholders, customers, suppliers and employees. With everyone's help, we were able to complete a successful debt reduction and refinancing in a timely manner with minimal impact on our business." Barrett continued, "With this process behind us now, we are very much looking forward to capitalizing on the various market opportunities available to our company."