NEENAH, Wis. - Neenah Foundry Co., parent company of Warsaw-based Dalton Group, announced Aug. 5 that it has filed a prepackaged plan of reorganization under Chapter 11 of the Bankruptcy Code. The company has received the requisite votes to approve the plan. Neenah has received financial commitments to fund the cash distributions under the plan and will seek court approval to implement the financial restructuring by Sept. 30.

William Barrett, chief executive officer of Neenah, said, "We are pleased that our banks and bondholders have overwhelmingly voted in support of our plan. We are looking forward to completing this financial restructuring, as it will significantly reduce our debt and required cash interest expense payments, thereby improving the company's operating flexibility."

In addition to restructuring its long-term debt pursuant to the plan, the company is seeking court approval to continue to operate consistent with past practice and to pay trade claims of the company's suppliers in the ordinary course.

The complete terms of the restructuring are contained in the company's Disclosure Statement and Plan of Reorganization filed with the bankruptcy court in Wilmington, Del., and contain important information about the company, the restructuring, the new financing commuitments and related matters. Additional iunformation about Neenah is available on the company's Web site at www.nfco.com

A local company official at Dalton Group said the bankruptcy is part of the financial restructuring of the parent company. He said it would be business as usual for the Warsaw plant and its affiliates. [[In-content Ad]]