HOUSTON - American National Carbide (ANC), a manufacturer of tungsten carbide products for the energy and metalworking industries, has completed a successful reorganization under Chapter 11 and emerged from bankruptcy.
ANC filed its voluntary petition for Chapter 11 protection on February 26, 2016, and on January 9, 2017, the bankruptcy court entered a confirmation order approving the company’s plan of reorganization.
“We are pleased to have had the full support of our lenders and creditors in getting our plan confirmed,” says company President and CEO, D. Greg Stroud. “With our new capital structure, we are well-positioned to take on new opportunities and meet the challenges of the future.”
ANC is one of a handful of companies in the United States with capability of recycling used tungsten carbide back into raw material. Along with supplying this converted material to the market, as well as ready-to-press grade powders, ANC manufactures finished tungsten carbide cutting tools and wear products for the energy, metalworking, wood processing, mining, construction, and agricultural industries.
Remarkably, the company successfully exited bankruptcy without the need for additional financing during the process. “I’m told that’s fairly uncommon,” says Stroud, “but it’s a testament to our legal and financial team that we were able to navigate the process without taking on more debt.”
Wyatt & Mirabella, PC, in The Woodlands, acted as legal counsel for the company, and Magill PC of Houston acted as its financial advisor throughout the restructuring.