Manufacturing Industry
Hexcel accepts funding
Advanced Composites Bulletin, December, 1994
The bankrupt Hexcel Corp, which is a major supplier to the composites industry, has accepted a proposal from Mutual Series Fund Inc to fund a reorganization of the company. Mutual will act as a stand-by purchaser in a rights issue which it is hoped will raise $50 million, $41 million of which will be offered to existing shareholders and $9 million reserved for Mutual Series Fund. If they take up all of their entitlements, existing shareholders will retain 89% of the re-financed company. The proposal will now form the basis of a consensual plan of re-organization that will be presented to the United States Bankruptcy Court for the Northern District of California. In another development, Hexcel is reportedly to sell its electro-magnetically tailored materials business to...
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