Formica Corp. announced that it has reached agreement with its secured lender bank group on a credit facility to support its ongoing business operations.
To facilitate the restructuring, the company and its U.S. subsidiaries and parent companies have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Formica's subsidiaries outside of the United States are not part of the filing and it is not anticipated that they will be affected by the action.
Frank A. Riddick III, Formica's president and CEO, noted that the company's operations will continue as usual without interruption during the restructuring process.
The entities included in the filing are: Laminates Acquisition Co., FM Holdings Inc., Formica Corp., STEL Industries Inc., Wildon Corp., Wildon Industries Inc., Design Communications International Inc., The Diller Corp., Formica International Corp. (U.S.A.), and Unidur Inc. (U.S.A.).
Excluded entities are all foreign operating and holding companies in Canada, Mexico, Brazil, Europe, and Asia.