Milacron Inc

Service(s): Restructuring Services
Sector: Manufacturing

Milacron Inc. builds machinery, and provides solutions for the plastic injection, blow moulding and thermoforming industries. It is particularly well known in the pharmaceutical sector.In March 2009 the group, headquartered in Cincinnati, US, filed for Chapter 11, as the result of a 40% drop in revenue in parts of Europe. 

FRP Advisory’s Restructuring Team was engaged by the company, to assistthe European businesses in avoiding a crisis of lender confidence,to stabilise the bank relationship, improve cash management and provide reliable information.  They were also engaged to support a Chapter 11 sales process. 

Following a full cash review, the FRP Advisory team initiated improvements in cash management and management information, bridging the relationship between the company in Europe, its main lender and its US based bond holders throughout the purchase process. They negotiated terms for the UK bank to roll forward its facilities, to allow time for a buy-out from Chapter 11, giving significant input to extensive restructuring plans in Germany and Belgium. 

Subsequently, the reorganisation of the business’ affairs and assets enabled Milacron to restructure its debt and successfully emerge from Chapter 11. 

John Francy, Group CFO of Milacron, commented:

"Adrian and his team were engaged in our European subsidiaries. They lead-managed our lender relationship in Germany, Belgium and the Netherlands at a very difficult time for Milacron, staying with us throughout the Chapter 11 process. They worked extremely hard, bringing clear communication, mentoring our boards at a time of great stress. They provided quality hands-on transaction support as well. It was interesting to see how they bridged a huge cultural gap between our European management and our new and dynamic US owners. It has been a pleasure to work with Adrian, Andrew and Richard."

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