Neenah Enterprises, Inc. Announces Successful Emergence From Bankruptcy

NEENAH, Wis., July 30 /PRNewswire/ -- Neenah Enterprises, Inc. ("NEI" or the "Company"), one of the largest independent foundry companies in the United States and one of the leading suppliers of castings to the domestic municipal and industrial markets, announced today that it has successfully emerged from bankruptcy under new equity ownership. Earlier this month, NEI received confirmation of its Plan of Reorganization from the U.S. Bankruptcy Court in Wilmington, Delaware. Upon emergence, the Company has reduced its debt by more than $270 million.  

In connection with its exit from bankruptcy, the Company has  also transitioned to a new executive management team.  Richard D. Caruso, a Managing Director for Huron Consulting Services, LLC ("Huron"), will serve as Acting Chief Executive Officer of the Company, and Brent E. Johnson of Huron will serve as Acting Chief Financial Officer of the Company.  Mr. Caruso has served as Chief Restructuring Advisor to the Company since it filed for bankruptcy in February, 2010 and has over 25 years of experience in the metals, manufacturing and construction industries.  Korn Ferry International, a leading executive recruiting firm, has been retained to assist the Company in hiring permanent successors to Mr. Caruso and Mr. Johnson.

"We are pleased to have emerged from Bankruptcy in less than six months," said Rich Caruso. "Neenah's reputation, strong workforce, customers and vendor community were a critical aspect to formulating a Plan of Reorganization that greatly enhances our competitive position."

In connection with its restructuring, the Company's secured and subordinated term debt was converted into equity, providing the Company with a significantly improved balance sheet.

NEI was advised through its bankruptcy by Sidley Austin LLP as its lead counsel, Rothschild, Inc. as investment bank and financial advisor, and Huron as its restructuring advisors. NEI's secured bondholders and new equity owners were advised by Stroock & Stroock & Lavan LLP as counsel and Moelis & Company as its investment banker and financial advisor.

On February 3, 2010, NEI and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in order to consummate a balance sheet restructuring while providing 100% recoveries to its suppliers and vendors.  

About Neenah Enterprises, Inc. and Neenah Foundry Company

Neenah Enterprises, Inc. is the indirect parent holding company of Neenah Foundry Company. Neenah Foundry Company and its subsidiaries manufacture and market a wide range of iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. Neenah is one of the largest independent foundry companies in the United States, with substantial market share in the municipal and various industrial markets for gray and ductile iron castings and forged steel products. Additional information about Neenah is available on the company's website at www.nfco.com

SOURCE Neenah Foundry Company