EaglePicher takes important step in reorganization

In a news release issued earlier this week, officials from EaglePicher, which has a plant in Joplin, announced the company has completed a "345 million financial transaction arranged by Goldman Sachs Credit Partners L. P." with the proceeds going to pay back their obligations under their existing debtor-in-possession credit facility and the company's pre-petition senior secured credit facility.
"This financing is an important step towards EaglePicher's reorganization," said Stuart B. Gleichenhaus, interim Chairman, President and CEO of EaglePicher. "This enables us to assure our customers, suppliers and most importantly, our employees, that our capital structure is set, and we have sufficient financing in place to complete our restructuring and execute our business plan."
The company filed for bankruptcy on April 11 in the Southern District of Ohio.