Wind Point Partners chemical company seeks bankruptcy protection
Posted on Friday, June 10th, 2016 at 5:49 pm
Wind Point Partners owned company Vertellus Specialties Inc. is undergoing Chapter 11 Bankruptcy proceedings and is expected to be sold to lenders, a report of Indianapolis Business Journal stated on June 6.
The Indianapolis-based company with several facilities in other states, including North Carolina, decided to file for bankruptcy due to changing “macroeconomic forces” and their struggle to compete with the market in China. Though court records showed that Vertellus’ revenue was improving every year prior to its filing, the company claims they have liabilities between $500 million and $1 billion, and assets between $100 million and $500 million.
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