WILMINGTON, Del. (Dec. 16)—Synthetic rubber producer Ameripol Synpol Corp. has filed for Chapter 11 bankruptcy protection, citing its inability to meet cash demands from lenders and to secure other sources of financing. In its Dec. 16 filing with the U.S. Bankruptcy Court for the District of Delaware, Ameripol Synpol listed assets of $112 million and liabilities of $98 million. For the first 10 months of 2002, Ameripol Synpol reported an operating loss of about $10 million on sales of $110. For fiscal 2001, the firm had a $21 million operating loss on sales of $187 million. The company, which makes emulsion SBR at a plant in Port Neches, Texas, blamed its situation on an increase in foreign competition and declines in the price for synthetic rubber during 2000 and 2001. Concurrent with the Chapter 11 filing, Ameripol Synpol continues to seek a buyer or joint venture partner.
Ameripol Synpol files for Chapter 11 bankruptcy protection
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