Pittsburgh-based Horsehead Holding declares bankruptcy

Post-Gazette.com – Horsehead Holding declared bankruptcy today and said it intends to reorganize under court protection, saying that is the best way to preserve value for stakeholders. The Robinson zinc producer filed a Chapter 11 petition in federal bankruptcy court in Wilmington, Del. The petition also includes four of its subsidiaries. According to court papers, the company had assets of $1 billion and liabilities of $544.7 million as of Sept. 30. Horsehead has between 1,000 and 5,000 creditors, the filing indicated. The decision comes a day before the company was required to make a $1.9 million interest payment. The payment was originally due Jan. 4, but the company took advantage of a 30-day grace period that extended the deadline to Feb. 3. “We intend to emerge with increased financial flexibility and

Source: Pittsburgh-based Horsehead Holding declares bankruptcy | Pittsburgh Post-Gazette