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Reuters reported that Hussey Copper Corp. has filed for bankruptcy and intends to sell its assets.
Reuters reported that Hussey Copper Corp. has filed for bankruptcy and intends to sell its assets.
The market news is quoted as saying:
Hussey said it owes about $38 million to first-lien lenders, including units of Wells Fargo & Co (WFC.N), Bank of America Corp (BAC.N) and PNC Bank. The company tried unsuccessfully to refinance its debt as part of a forbearance agreement after defaulting on the loans.
Hussey also owes $2.4 million to second lien lender Schneider Electric SA (SCHN.PA) and about $29 million in unsecured trade debts to various suppliers, it said. Metal Management Pittsburgh Inc holds the largest unsecured claim at $9.05 million, court papers show.
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