MECHANICSBURG, Pa., June 16 /PRNewswire/ -- Taylor-Wharton International LLC ("TWI"), a leading global manufacturer of pressure vessels and precision valves for gas applications, today announced it has emerged from Chapter 11 restructuring and implemented its court-authorized Plan of Reorganization.
"Taylor-Wharton has emerged from Chapter 11 as a stronger company with the financial flexibility, commitment and expertise to deliver industry leading excellence and products to our customers," said Bill Corbin, chairman and chief executive officer of TWI. "When Taylor-Wharton filed for Chapter 11 protection eight months ago, it was vital that the Company re-align its capital structure with current business operations, increase its financial flexibility, and continue to honor commitments to its customers and suppliers. I am pleased to report the Company successfully achieved all of those goals."
While the Company's operations were largely unaffected by the restructuring, TWI managed to streamline certain of its functions, reduce overhead and operating expenses and realign its operations around its three business lines. As announced on June 9, 2010, TWI completed the sale of its Huntsville Cylinder operation and certain of its Harrisburg, PA assets to Norris Cylinder Corp. allowing the Company to focus on its American Welding and Tank, Sherwood Valve and Taylor Wharton Cryogenics businesses.
Taylor-Wharton consummated the restructuring of its domestic operations through a pre-arranged Plan of Reorganization. The Plan reduced the Company's debt obligations by more than 50% and provided for the investment of new equity capital by the mezzanine holders and the Company's financial sponsors. Additionally, Taylor-Wharton's lenders agreed to provide the Company with improved terms and access to a $25 million credit facility.
"By having an agreement in place with key financial stakeholders early in the process, we were able to accomplish the restructuring quickly and efficiently, with little to no disruption to our customers or to our supply chain," Corbin said.
The U.S. Bankruptcy Court for the District of Delaware confirmed the Plan on May 26, 2010. More than 92% of the creditors who cast ballots voted in favor of confirmation. Trade creditors were compensated on normal terms throughout the restructuring. Copies of the Plan and related Disclosure Statement materials can be found at www.twreorg.com.
"All of Taylor-Wharton's employees deserve a lot of credit for making this restructuring a success," Corbin said. "Their hard work and commitment was invaluable to the process."
About Taylor-Wharton International LLC
Taylor-Wharton International LLC is a leading global manufacturer of pressure vessels and precision valves for gas applications. TWI operates along three primary business lines that include propane tank manufacturing, repair and refurbishment; bulk and portable cryogenic storage tanks; and precision valves for use in the compressed gas and refrigeration industries. Taylor-Wharton International sells its products to over 80 countries worldwide from 13 manufacturing, sales, warehouse and service facilities. TWI traces its roots to the Union Iron Works, established at what is now High Bridge, N.J., in 1742. Additional information about Taylor-Wharton International can be located at www.twiglobaltech.com.
SOURCE Taylor-Wharton International LLC