Laminates Maker API Americas Reaches Ch. 11 Creditor Deal
April 17, 2020
Types : In the News
API Americas Inc., a Kansas-based company that makes laminate and foil products, is poised to move forward with a Chapter 11 plan in Delaware court after reaching a proposed deal with unsecured creditors and secured lenders setting forth how bankruptcy estate assets will be distributed to creditors.
“The committee had two main goals in these cases. First, keep the foils and laminates businesses operating in order to preserve jobs and give trade creditors ongoing business partners. Second, obtain a monetary recovery for unsecured creditors,” committee attorney Edward L. Schnitzer of Montgomery McCracken Walker & Rhoads LLP told Law360 Friday. “With this settlement, subject to the approval of the bankruptcy court, the committee is pleased that both goals will be met.”
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