Vertellus Gets Court Approval for Sale to Lenders
The US Bankruptcy Court has approved the sale of Vertellus Specialties’ assets to the company’s term loan lenders. The US fine and specialty chemicals manufacturer filed for Chapter 11 bankruptcy protection on May 31 following a deal with its loan lenders who had agreed to pay $453.8 million for most of the assets. The decision came as all remaining objections raised by the firm’s creditors, environmental regulators and other business partners were resolved. The transaction is expected to be completed by the end of September.
President and CEO, Richard Preziotti, said Vertelllus will very soon achieve its objective of becoming a financially stronger company that is well positioned to compete and succeed in global markets. Vertellus will continue to operate much as before under its new ownership and board structure. Its headquarters will remain in Indianapolis and all of its plants will continue to operate and be led by the current management team.
The same applies to Vertellus Performance Chemicals its sodium borohydride business – which is also expected to operate as usual and continue to be owned by US private equity firm, Wind Point Partners. This business was not part of the Chapter 11 filing.