ANC President Greg Stroud Thanks Vendors and Customers

February 13, 2017

HOUSTON - I am happy to announce that American National Carbide has concluded its successful reorganization under Chapter 11 and emerged from bankruptcy. On January 9, 2017, the United States Bankruptcy Court for the Southern District of Texas confirmed the company's reorganization plan, and on February 10, 2017, the plan became effective.

On behalf of all ANC employees, I would like to thank you for your continued support through this challenging process. If not for our valued vendors and customers, we would not have been able to continue our business without interruptions, actively seek out new opportunities, and maintain the high quality of service that our industry demands.

During this process, we completely restructured our management team, aggressively reduced expenses and eliminated redundancies, bolstered our financial strength, and put together a comprehensive plan of reorganization that our lenders fully supported. In fact, every vote cast was in favor of confirmation of the plan. And remarkably, we were able to navigate the process without the need for additional financing. The end result was our exit from the process with a healthier balance sheet, leaner expense structure, and a more robust management team.

We are excited to start 2017 as a stronger company, equipped to take on new opportunities and meet the challenges ahead of us. Again, we thank you for your continued support and look forward to cultivating our business relationship in the future.

With much appreciation,

D. Greg Stroud, President and CEO

 

For more information, contact:

American National Carbide
915 South Cherry Street
Tomball, Texas U.S.A. 77375-6669
800-331-7585
www.anconline.com

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