Biltrite Rubber Inc. (“Biltrite”) was a rubber mixer and compounder, providing custom mixing, tolling, calendaring and extruding services to companies in the mining and automotive industries. Biltrite operated from facilities in Toronto, Ontario and Findlay, Ohio. Biltrite employed approximately 200 employees; its Toronto facility was unionized.
We were retained by Biltrite’s senior lender to work with management to formulate a restructuring plan. Biltrite’s difficulties were principally caused by a significant downturn in the automotive industry. The restructuring strategy contemplated a sale process in a formal, cross-border insolvency proceeding. Proceedings were commenced under the Companies’ Creditors Arrangement Act in Canada with a concurrent recognition proceeding under Chapter 15 of Title 11 of the United States Code. The Biltrite matter was the first Chapter 15 case heard by the Toledo, Ohio courts.
We acted as Monitor and Foreign Representative and carried out the sale process. Biltrite successfully bifurcated its business allowing us to complete two going-concern sale transactions that preserved the business and saved hundreds of jobs.