Leading fiber-based material producer FiberMark Inc announced that it has completed its financial reorganization and emerged from chapter 11 as a private company.
Having completed all conditions for emergence, the company implemented its Plan of Reorganization, which had been approved by the US Bankruptcy Court, District of Vermont, by order entered on December 5, 2005.
In conjunction with its emergence from chapter 11, the company also closed on its exit financing facilities.
The package includes $80 million in revolving credit facilities for working capital and general corporate purposes underwritten by GE Commercial Finance for its German and North American operations, none of which was drawn at closing.
The company also has approximately $18 million in cash.
FiberMark, headquartered in Brattleboro is a leading producer of specialty fiber-based materials meeting industrial and consumer needs worldwide, operating 11 facilities in the eastern United States and Europe.
Products include filter media for transportation and vacuum cleaner bags; base materials for specialty tapes, wallpaper, building materials, sandpaper and graphic arts applications; and cover/decorative materials for office and school supplies, publishing, printing and premium packaging.
marketing@alchempro.com
