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Rentech Files For Chapter 11 Bankruptcy Protection - Quick Facts


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(RTTNews.com) - Rentech, Inc. (RTKH.OB), an owner and operator of wood fibre processing and wood pellet production businesses, said that the company and its subsidiary, Rentech WP U.S. Inc. have filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

The company noted that the purpose of the bankruptcy filing is to seek to sell the assets of the Company's Fulghum Fibres and New England Wood Pellet subsidiaries as well as facilitate an orderly wind-down of Rentech Inc.

Rentech said that its subsidiaries conducting its Fulghum Fibres business in the U.S., which have not filed for bankruptcy protection, entered into an Asset Purchase Agreement won December 15, 2017 with an affiliate of Scott Davis Chip Company, Inc. for the sale of substantially all of the assets of that business. The closing of this transaction is subject to approval of the Bankruptcy Court.

Also on December 15, 2017, Rentech's subsidiary that owns the Atikokan Facility entered into an Asset Purchase Agreement with 2607043 Ontario Inc., an affiliate of True North Timber, a forest resources company, for the going-concern purchase of substantially all of the assets of the Atikokan operations.

On a consolidated basis as of November 30, 2017, Rentech has approximately $65.3 million of secured debt. Based on the sales prices currently anticipated for the Fulghum Fibres U.S. and New England Wood Pellet businesses and the Atikokan Facility, the company does not presently expect that any proceeds from these transactions will be available for distribution to Rentech's stockholders.

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