Taylor-Wharton International files for bankruptcy

December 1, 2009

Taylor-Wharton International LLC (TWI), a technology, service and manufacturing network for gas applications involving pressure vessels and precision valves, announced a plan to implement a voluntary financial restructuring. TWI and its domestic operations filed voluntary Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware. Under terms of an agreement with senior lenders, TWI’s debt obligations will be reduced by more than 50 percent. Upon emergence from Chapter 11, the company will receive improved terms from its lenders and access to new financing. The company also filed motions to support its employees, customers and suppliers throughout the restructuring process. It asked for authority to continue honoring all current customer programs to ensure the restructuring process will not affect its customers. TWI expects operations to continue as usual during the restructuring process, and the company plans to emerge from Chapter 11 on an accelerated basis. “Because Taylor-Wharton International already has a restructuring agreement in place with our lenders, the company expects to achieve plan confirmation and successfully complete the financial restructuring by the end of February,” said Bill Corbin, CEO of TWI.

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