CLEVELAND (Jan. 7)—GEO Specialty Chemicals Inc., a producer of organic peroxides for plastics and rubber processing, has emerged from Chapter 11 bankruptcy protection after securing new credit arrangements.
Cleveland-based GEO emerged from Chapter 11 after only nine months, a feat described as a "testament to the hard work and commitment of our employees and support of our financing sources, key vendors and customers," according to President and CEO George P. Ahearn.
GEO emerged from Chapter 11 after paying off its pre-petition senior secured facilities and debtor-in-possession arrangement with a new $125 million senior note facility. The new financing provides GEO with about $10 million in additional liquidity, the firm said.
GEO also will pay make approximately $4.3 million to general unsecured creditors and certain key continuing vendors. GEO intends to remain a privately held company.
Among GEO's polymer-related products are Echo vulcanizing agents and Vul-Cup and Link-Cup peroxides.