Waterlink, Inc., has filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company also announced that it is seeking an order of the court to obtain the use of cash collateral which it expects will support current operations. This cash collateral will be comprised of the company's collections of existing receivables. The company's international entity, Sutcliffe Speakman Limited, will not be affected, as only Waterlink's U.S. operations have sought protection under Chapter 11.
"Given our Company's current condition, we believe that this action will give us the ability to preserve and maximize our value. With the hard work and dedication of our employees and the support of our customers and suppliers, we are confident that the business will emerge from this process a stronger company," Chief Executive Officer William Vogelhuber said.
In announcing the Chapter 11 filing, Donald A. Weidig, chief financial officer, commented, "Our filing provides Waterlink with the opportunity to position itself for a viable future. After the filing, Waterlink will continue to operate without interruption. We will be able to continue to supply our customers with quality integrated water and air purification solutions and build stronger relationships with our suppliers going forward."
FOCUS Management Group has been retained by Waterlink to supervise and direct its reorganization efforts including all capital transaction programs and activities.
Source: Waterlink, Inc.
