INDIANAPOLIS, Sept. 8, 2016 /PRNewswire/ -- Vertellus Specialties Inc. ("the Company"), a global manufacturer of fine and specialty chemicals, today announced that the U.S. Bankruptcy Court has approved the anticipated sale of substantially all of Vertellus Specialties Inc.'s assets to the Company's existing term loan lenders as outlined in the agreement first announced on May 31, 2016. The Court's decision today follows the successful resolution of all remaining objections raised by the Company's creditors, environmental regulators and other business partners to allow for a consensual asset sale. The transaction is expected to be completed by the end of September.
"Vertellus is extremely grateful for the cooperation of our lenders, environmental regulators, creditors and other business partners in working through the remaining issues over the holiday weekend and clearing the way for a swift approval of the agreement we firmly believe is in the best interest of all parties," said Richard Preziotti, President and Chief Executive Officer. "Vertellus will very soon achieve our objective of becoming a financially stronger company that is well positioned to compete – and succeed – in today's global markets, and that is great news for our employees, customers, suppliers and everyone who depends on our business. We thank everyone who contributed to this positive outcome and look forward to being an even stronger business partner moving forward."
Vertellus will operate much as it does today under the new ownership and Board structure. The Company will continue to execute on its current business strategy with an unwavering focus on safety, quality, growth and productivity. It will remain in its Indianapolis headquarters, continue producing in all of its plants and be led by the current management team.
Vertellus Performance Chemicals, the sodium borohydride (SBH) business, is also expected to operate as usual. The business will continue to be owned by Wind Point Partners and receive the same support services from Vertellus Specialties Inc.
Vertellus Specialties Inc. is advised in this transaction by DLA Piper, Jefferies and FTI Consulting. The lenders are advised in this transaction by Milbank, Tweed and Moelis & Company.
Vertellus is a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Vertellus is the #1 global producer of pyridine and picolines, specialty pyridine derivatives, DEET, castor oil derivatives and systems, and a world leader in vitamin B3, citrate polymer additives and systems as well as a leader in custom manufacturing of agriculture and pharma intermediates and actives. Vertellus benefits from a technically advanced global manufacturing base and has over 1,000 employees. Vertellus is headquartered in Indianapolis, Indiana.
This press release (including information incorporated or deemed incorporated by reference herein) contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company's management. Words such as "guidance", "outlook", "believes", "expects", "appears", "may", "will", "should", "intend", "target", "projects", "estimates", "plans", "forecast", "is likely to", "anticipates", or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this press release, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements.
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SOURCE Vertellus Specialties Inc.