Privately-held Fansteel (f/k/a Fansteel Metallurgical Corp.) and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Iowa, lead case number 16-01823. The Company, which manufactures precision engineered components for the global aerospace and industrial market, is represented by Jeffrey D. Goetz of Bradshaw, Fowler, Proctor & Fairgrave.
James Mahoney, Fansteel’s C.E.O., comments, “We look forward to the reorganization process as a means to significantly strengthen both our income statement and balance sheet. We have moved forward with this reorganization, confident that the bold steps taken will bring satisfaction and value to our customers, employees, suppliers, and the communities in which we operate.”
According to a corporate release, Fansteel has also retained Ronald J. Reuter, Certified Turnaround Professional, as chief restructuring officer to assist with the reorganization process in an efficient manner. The Company emerged from a previous Chapter 11 filing in December 2003. Fansteel’s petition indicates total assets of $50 to 100 million.
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