It is reported that US based metal processing company Barzel Industries Inc filed for Chapter 11 bankruptcy protection along with several affiliates.

According to court documents, the company listed assets of USD 365.8 million and liabilities of USD 384.6 million.

Barzel also said it obtained debtor in possession financing in order to continue operating during the bankruptcy process, appointed a chief restructuring officer, and has a stalking horse bidder for its assets.

At the beginning of May, the company announced it was unable to meet an USD 18.1 million interest payment on USD 315 million worth of senior secured notes.

In early September, the company’s shares were delisted from the Nasdaq stock exchange.

According to RTT News, the company said a couple of days ago that it had entered into an asset purchase agreement with Chriscott USA, where the buyer will purchase all of the company’s assets for a total value of USD 65 million in cash.

Barzel Industries operates 16 plants that service the North American, Latin American and European markets.

(Sourced from financierworldwide.com)