Auburn Hills, Michigan -- Recticel North America llc (RINA) and Recticel Urepp North America Inc. (RUNA), US subsidiaries of Belgian foam group Recticel, will exit Chapter 11 bankruptcy protection on 23 April 2010.
The Recticel units filed for bankruptcy protection on 30 Oct 2009 with the Eastern District of Michigan bankruptcy court. The move came following the impact of the global economic crisis on the automotive market in the US and the "structural lossmaking situation of the interior solutions' activities in this region," a 14 April company statement said.
In February 2010 a Recticel spokesman said the bankruptcy filings 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.
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. (RD)