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Gulf Chemical & Metallurgical Chapter 11 Petition Filed

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Privately-held Gulf Chemical & Metallurgical and affiliated Debtor Bear Metallurgical filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Pennsylvania, case number 16-22195.

The Company explains, “The Debtors have faced a number of challenges over the past few years, ultimately leading to the filing of these chapter 11 cases. Most importantly, the market prices of molybdenum and vanadium have steadily declined….Nickel prices have also markedly declined….The pricing of metals also changes the value proposition for refineries in determining whether to recycle or landfill spent catalyst, which can affect volumes at Gulf.” The Debtors initiated these chapter 11 proceedings with the goal of achieving going concern sales or a combined sale of their businesses or, alternatively, a reorganization of their business via a chapter 11 plan.”

Gulf Chemical & Metallurgical’s Chapter 11 petition indicates total assets between $100 and 500 million. The Company, which recycles spent petroleum catalysts and produces ferroalloys, is represented by Sean D. Malloy of McDonald Hopkins.

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The post Gulf Chemical & Metallurgical Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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