Citation files for chapter 11 protection.In September, Citation Corp., Birmingham, Ala., filed for Chapter 11 bankruptcy protection, blaming inabilities to pass higher steal scrap prices on to customers, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Birmingham News. The company plans to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. under the protection, and will continue operations. Working with a cooperative group of banks, Citation seeks to reduce its $300 million debt and obtain new prices for the ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which and nonferrous non·fer·rous adj. 1. Not composed of or containing iron. 2. Of or relating to metals other than iron. nonferrous Adjective 1. components it produces. Citation officials noted that the increase in steel scrap prices have caused the company to become a 10% cash-earnings business. Of the firm's steel scrap and other materials delivered from 3,000 suppliers, 80% comes from only 50 suppliers. Officials said that of those 50, 40% are scrap and raw materials dealers. |
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