Neenah Foundry Co. to file 'prepackaged' Chapter 11 plan of reorganization. (Industry News: North America).

Neenah Foundry Co., Neenah, Wisconsin, plans to file a "prepackaged" Chapter 11 plan of reorganization after reaching an agreement in principle with holders of a substantial majority of the firm's outstanding 11 1/8% series A, B, D and F senior subordinated notes on the terms of a financial restructuring that it expects to implement no later than October 2003.

"We appreciate the continued support of our customers, suppliers, employees, lenders and noteholders as we complete this plan to reduce our debt," said William Barrett, CEO of Neenah. "This restructuring removes significant leverage and puts in place an appropriate capital structure for the company, providing us with more flexibility and a stronger competitive position as the economy and our industry improves."

Neenah also announced that it has received an extension of the Forbearance Agreement under its existing credit facility and commitments for a new $95 million senior secured credit facility.