Chemical maker files for Chapter 11 bankruptcy protection for its US operations and plans to auction the business
Global speciality chemical manufacturer Vertellus Specialties has filed for bankruptcy protection for its US operations, and will put the business up for auction to ensure that the company receives the best offer for its assets. ‘After evaluating a range of options to address the competitive and macroeconomic challenges facing our agriculture and nutrition business and the corresponding impact on our company’s overall financial performance, it became clear that a sale of the company through the Chapter 11 process was the best, most efficient means of creating a sustainable financial structure for our company,’ said Richard Preziotti, Vertellus’ president and chief executive.
Mortgage lenders have agreed to purchase the company’s US and international assets for $454 million (£315 million). Vertellus, which is headquartered in Indianapolis, Indiana, and has over 1000 employees, said it intends to continue normal operations at all of its plants and offices throughout bankruptcy. The sale is expected to be wrapped up by November.