Neenah Enterprises Inc. announced last week that it had emerged from bankruptcy with new equity ownership. The Neenah-based company is one of the largest independent foundry firms in the country and a leading supplier of castings to domestic markets.
By emerging from bankruptcy, the company has shed roughly $270 million in debt.
It has also named new executive management – Richard D. Caruso, a managing director for Huron Consulting Services, LLC, will serve as acting chief executive officer, and Brent Johnson of Huron will serve as acting chief financial officer.
Caruso has served as chief restructuring advisor to the company since it filed for bankruptcy in February. Korn Ferry International, a leading executive recruiting firm, has been retained to assist the company in hiring permanent successors to Caruso and Johnson.
"We are pleased to have emerged from bankruptcy in less than six months," Caruso said. "Neenah’s reputation, strong workforce, customers and vendor community were a critical aspect to formulating a plan of reorganization that greatly enhances our competitive position."
