SAN JOSE, Calif. (Nov. 20)—Rubber flooring producer Burke Industries Inc.—which filed for Chapter 11 bankruptcy protection in June of last year—has completed a successful reorganization, the company announced. The firm cited debt obligations as a major factor in its bankruptcy filing in 2001, but now has "emerged with a strong balance sheet" and a "capital structure that will free up resources which can be reinvested in the business," said Robert Pitman, Burke senior vice president and general manager. The restructured company—now majority-owned by Florham, N.J.-based private investment firm GSC Partners—will focus on its core operations in flooring and commercial rubber processing. The sale of the firm's Engineered Polymers division in April to Esterline Technologies Corp. was part of the reorganization, Burke said.
Burke Industries emerges from Chapter 11 reorganization
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].