New Delaware Chapter 11 Filings – Vertellus Specialties, Inc. et al.
Vertellus Specialties, Inc., a global manufacturer of fine and specialty chemicals, and ten affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11290). The filings do not include the debtors’ affiliates in Belgium, the United Kingdom, India or China or Vertellus Performance Chemicals, based in Elma, Washington. The company will seek authority to obtain $110 million in debtor-in-possession financing and to sell substantially all of their assets, with their pre-petition lenders serving as stalking horse bidders. The petitions for each debtor are provided through the links below. The debtors’ first day declaration and the docket are available through Kurtzman Carson Consultants. The debtors have issues a press release regarding their reorganization.
Debtor Case No.
Vertellus Specialties Holding Corp. 16-11289
Vertellus Specialties Inc. 16-11290
Vertellus Agriculture & Nutrition Specialties LLC 16-11291
Tibbs Avenue Company 16-11292
Vertellus Specialties PA LLC 16-11293
Vertellus Health & Specialty Products LLC 16-11294
Vertellus Specialties MI LLC 16-11295
Vertellus Performance Materials Inc. 16-11296
Rutherford Chemicals LLC 16-11297
Solar Aluminum Technology Services (d/b/a S.A.L.T.S.) 16-11298
MRM Toluic Company, Inc. 16-11299
Each debtor has filed its own list of top creditors
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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