Formica Reaches Pact With Lenders

by WOHe

Formica Reaches Pact With
Lenders 

Cincinnati Formica Corp., the Cincinnati-based surfacing
products manufacturer currently under Chapter 11 bankruptcy
protection, has reached an agreement with its secured lender bank
group on a credit arrangement that will enable it to support
ongoing business operations, the company said.

According to Formica CEO and president Frank Riddick III, the
financial arrangement will provide Formica with the capital it
needs to permit the company’s day-to-day operations to “continue as
usual, without interruption,” during the restructuring process.

“The restructuring will have no impact on our ability to fulfill
our obligations to our employees or customers,” said Riddick, who
joined the financially troubled company in
January.

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