An overleveraged capital structure and a significant drop in petrochemical prices have forced Southington’s Thornton & Co. Inc. to file for chapter 11 bankruptcy, the plastics distributor said.
With liabilities and assets each ranging from $10 million to $50 million, TCI filed for bankruptcy protection Monday in Hartford. The company said it has between 100 and 199 creditors.
Founded in 1994, TCI said it had approximately $200 million in sales last year. The company said in a statement that it was unable last month to convince its lenders, led by People’s United Bank, to approve a plan aimed at resolving its financial problems.
The company said it felt forced to file for bankruptcy so that its suppliers that have made accommodations during its financial struggles would receive some money back.
TCI said it is soliciting purchase and equity-investment offers. The company has retained Gordian Group LLC as its financial advisor and investment banker.
DOWNLOAD PDFs
