Horsehead Industries Retains The Blackstone Group

Horsehead Industries, Inc. signed an agreement to retain The Blackstone Group as financial advisor to assist the company in formulating its plan to emerge from Chapter 11 bankruptcy. The Blackstone Group, based in New York, New York, is an advisor to companies in restructurings and bankruptcies.

"The Blackstone Group has a tremendous amount of experience in successfully handling the issues we are currently facing. They are regarded as one of the most seasoned and experienced firms on Wall Street in this field," said James Carpenter, CEO for Horsehead. "We feel confident that with their assistance Horsehead will be positioned as a very viable company as we emerge from the current situation."

Blackstone will assist with negotiating Debtor in Possession financing, formulating continuing business and reorganization plans, and plans for a successful exit from the bankruptcy filing.

As these court filing related plans are developed, Horsehead's multi-state zinc production and zinc-waste recycling operations continue. "Our operations continue to run 24 hours a day for seven days a week. This is because of the work ethic of our employees and the resolve of this company," said Carpenter. "We continue to serve our customers, continue to provide the steel industry with the United States Environmental Protection Agency's Best Demonstrated Available Technology (BDAT) for environmentally-sound recycling of hazardous zinc-containing wastes, and continue to produce quality zinc products as the largest zinc producer in the United States and the world's foremost manufacturer of value-added zinc products including zinc oxide, zinc dust, and zinc powder."