Auburn Hills, Michigan -- Recticel North America and Recticel Interiors North America filed a plan of reorganisation this week under Chapter 11 protection with the Eastern District of Michigan bankruptcy court, a Recticel spokesman confirmed to Urethanes Technology International 12 Feb.
The bankruptcy filings, the spokesman confirmed, were largely due to unfavourable contracts with the interiors business's two major customers -- Johnson Controls Inc. and Inteva Products -- which account for around 80 percent of Recticel Interiors NA's sales.
An approval hearing of settement agreements will be heard in the next couple of weeks, the spokesman said, adding that Recticel hopes to be out of Chapter 11 protection by April of this year.
Recticel NA is a manufacturer of light-stable polyurethane Colofast compounds used in glass encapsulation applications, whilst Recticel Interiors NA manufactures PU-sprayed skins to the automotive interiors market.
Recticel North America first applied for Chapter 11 protection in Oct 2009. (RD)"
