WILMINGTON, Del. (WKOW) -- A Wisconsin-based company has filed for Chapter 11 bankruptcy protection in Delaware.
Neenah Enterprises listed assets of about $286 million and a total debt of about $449 million in a filing submitted Wednesday.
Neenah is one of the largest independent foundry companies in the country, and it supplies castings for manhole covers and sewer grates for municipal and industrial markets.
In the arrangement, the company says it will pay $140 million in debtor-in-possession financing from lenders and senior note holders.
The company also says it reached an agreement with key creditors that would reduce its debt by about $220 million while providing full recovery to suppliers and vendors.