Uniroyal files for Chapter 11 reorganization
"The reorganization proceedings should have virtually no impact on daily operations," said Howard Curd, Uniroyal’s CEO. "Our facilities will remain open, and transactions will proceed in the ordinary course of business. Our customers should experience no interruption in the supply of our products. Vendors can be assured that they will be paid for all post-petition goods and services. Employees can expect to continue being paid and receiving benefits."
Uniroyal is seeking permission from the court to pay pre-petition claims to vendors who agree to continue providing goods and services on normal and customary trade terms to Uniroyal’s strongest operating subsidiary, Uniroyal Engineered Products. Pre-petition claims for Uniroyal’s other three operating subsidiaries - Sterling Semiconductor, Uniroyal Optoelectronics and NorLux - will be resolved through the Chapter 11 process.
