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Milacron takes a major step to exit Chapter 11

Article-Milacron takes a major step to exit Chapter 11

Chicago, IL—The Milacron team has been quite busy at the company’s display at NPE2009, Chicago. Not so busy, though, that they couldn’t find time to take another major step on the path toward the company’s emergence from Chapter 11 bankruptcy.

On June 25, 2009, Milacron Inc., which supplies a wide variety of plastics processing equipment, technology, mold components, and industrial fluid, said that on the following day it would ask the court to approve the sale of its assets in line with the previously announced definitive agreement with a group of existing investors led by Avenue Capital. No other bids had been received for the company as of the June deadline.

If approval is given by the bankruptcy court, the sale should be completed within a month. Milacron Inc. will sell about 93% of its 11-1/2% Senior Secured Notes in the transaction.

Dave Lawrence, Milacron’s CEO, said the company cannot comment further on this development at the present time, but will issue further information after the court rules on this request. [email protected]

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