Zinc products producer Horsehead Holding Corp. its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court).
Jim Hensler, President and Chief Executive Officer of the Company, said: “The actions we are announcing today represent an important step that we believe will allow us to restructure the Company’s balance sheet for the long-term. Filing for Chapter 11 protection is the best available option to preserve stakeholder value. We intend to emerge with increased financial flexibility and a capital structure that will enable us to invest in growing our business.”
Lazard Middle Market LLC and RAS Management Advisors, LLC are serving as financial advisors, and Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel to the Company. Akin Gump Strauss Hauer and Feld LLP and Moelis & Company are serving as legal counsel and financial advisor, respectively, to certain senior secured noteholders and proposed debtor-in-possession lenders.