Hussey Copper Files for Chapter 11
Hussey Copper Ltd., a 163-year-old supplier of bus bar and other copper products, filed for Chapter 11 bankruptcy protection last month in U.S. Bankruptcy Court in Delaware. Hussey has facilities in Leetsdale, Pa., and Eminence, Ky. Company officials did not respond to a request for comment from Metal Center News.
Hussey reportedly listed about $100 million in both assets and debt in court documents filed Sept. 27. According to various media outlets, Hussey has reached a "stalking horse" agreement to sell itself to KHC Acquisition LLC of Red Bank, N.J., unless it receives better offers from other suitors in a competitive bidding process. In the meantime, the company reportedly intends to keep operating.
Scrap supplier Metal Management Pittsburgh Inc. holds the largest unsecured claim at $9.05 million.