Anchor Glass Container Corp. announced that it has filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code in the Middle District of Florida, Tampa Division.
The company said that it intends to request Court approval to continue payments of employee salaries and continue health and welfare benefits to current employees without disruption.
The company's existing senior secured credit facility lenders have agreed to convert their loan facility into a debtor-in-possession facility in order for the company to continue its operations. The company is in discussions to obtain additional debtor-in-possession financing that it believes will be required after the existing facility is fully utilized.
The company also noted that Mark Burgess, who joined Anchor earlier this year as executive vice president, Finance and CFO, has been appointed the CEO, effective immediately.
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