Manufacturing Industry
Penn in bankruptcy filing.(Penn Specialty Chemicals files for Chapter 11-bankruptcy protection)(Brief Article)
Urethanes Technology, August, 2001
PTMEG supplier hit by business downturn
CONSHOHOCKEN, PENNSYLVANIA --Penn Specialty Chemicals, a supplier of THF- (tetrahydro furan) based feedstock materials to the urethane industry, has filed for Chapter 11-bankruptcy protection in the US.
Despite cash flow problems due to falling demand, rising natural gas costs and the strength of the dollar, Penn intends to continue to operate and supply customers without interruption, while under Chapter 11 protection, said a 9 July company statement.
"The bankruptcy filing is a major step forward for Penn and affords the opportunity to reorganise for the benefits of all of the company's constituents," said Penn Speciality.
Company executives declined to comment further, despite a statement...
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