TimberHP Expects Long-Term Success
TimberHP, a Maine-based manufacturer of wood fiber insulation, announced that it has filed a voluntary, pre-negotiated Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware. The plan, according to the company, with the support of its stakeholders, will significantly strengthen the company’s balance sheet and position it for long-term success.
The company states that during the court-supervised reorganization process, business will continue as usual and without interruption, including the production and sales of its two, well received, existing product lines, TimberBatt and TimberFill.
“TimberHP is grateful to its sales partners, vendors, employee partners, and bondholders for standing by the company through this challenging, but necessary process,” comments TimberHP CEO Matthew O’Malia. “TimberHP has an incredible product line, and we are pleased to have the support and capital required to execute our business plan and address the growing demand for sustainable insulation materials in the U.S. construction industry.
The company expects to expedite the Chapter 11 process and emerge from bankruptcy within the coming months to a strengthened financial position and access to growth capital to complete construction of the manufacturing line for its third product, TimberBoard.
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