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News » Neenah Foundry has plan to keep operating
Mar. 11, 2010
Neenah Foundry's parent company will use $140 million in loans and revolving credit to continue its normal operations, while re-organizing its finances.
Neenah Enterprises filed for bankruptcy protection last month, and a federal court in Delaware approved the company's short-term financing plan.
It calls for $50 million in short term loans and $90 million in credit. The money will cover employee payroll and benefits, and allow Neenah Foundry to continue to pay its suppliers.
When the company filed for bankruptcy protection, leaders announced that the move wouldn't impact their employees.
About 800 people work for Neenah Foundry in Neenah. |
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