Privately-held Reichhold Holdings US and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 14-12237. The Company, which supplies unsaturated polyester resins and coating resins, is represented by Norman L. Pernick, David R. Hurst and Marion M. Quirk of Cole Schotz Meisel Forman & Leonard. Reichhold Holdings announced that it has arranged $130 million in financing from its bondholders to fund continuing operations, of which $100 million (subject to Court approval) will be available to the Company in the form of debtor-in-possession financing. The financing will also be used in part to repay existing secured financing in North America and Europe. The bondholders will also serve as the stalking horse bidder for the U.S. business in a 363 sale process to be conducted over the next few months. Company affiliates located outside the U.S. are not included in the filings. These entities will continue to function outside of the Chapter 11 process and they have the necessary liquidity to continue their operations in the ordinary course of business. John S. Gaither, chairman, president and C.E.O., comments, “We have the full support of our bondholders and will emerge from this process even more capable of developing and delivering the innovative products and services that our customers value.” According to documents filed with the Court, “Given the Debtors’ severe liquidity constraints, these Chapter 11 Cases were commenced to maximize value for the benefit of all stakeholders.” Reichhold Holdings’ Chapter 11 petition indicates assets greater than $100 million.