MECHANICSBURG, Pa., June 10 /PRNewswire/ -- Taylor-Wharton International LLC ("TWI"), a leading global technology, service and manufacturing network for gas applications involving pressure vessels and precision valves, announced it has completed the sale of the assets of its Huntsville, Alabama cylinder operations and certain of the assets of its Harrisburg, Pennsylvania cylinder operations as part of its Chapter 11 restructuring.
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware authorized the sale to Norris Cylinder Company ("Norris") under Section 363 of the U.S. Bankruptcy Code in an order entered on June 9, 2010.
Proceeds of the sale will be distributed to the Company's creditors under the terms of Taylor-Wharton's Plan of Reorganization. Judge Shannon confirmed the Plan on May 26, 2010. The Company expects to emerge from Chapter 11 restructuring by June 15, 2010. The Plan will become effective on the same day the Company emerges from Chapter 11.
About Taylor-Wharton International LLC
Taylor-Wharton International LLC is a leading global technology, service and manufacturing network for gas applications involving pressure vessels and precision valves. Taylor-Wharton International operates three complementary businesses from 16 manufacturing, sales, warehouse and service facilities in six countries on four continents, and markets its products in over 80 countries worldwide. Additional information about Taylor-Wharton International can be located at www.TWIglobaltech.com.
SOURCE Taylor-Wharton International LLC