Formica Reaches Pact With Lenders

Formica Reaches Pact With LendersĀ 

Cincinnati Formica Corp., the Cincinnati-based surfacing products manufacturer currently under Chapter 11 bankruptcy protection, has reached an agreement with its secured lender bank group on a credit arrangement that will enable it to support ongoing business operations, the company said.

According to Formica CEO and president Frank Riddick III, the financial arrangement will provide Formica with the capital it needs to permit the company's day-to-day operations to "continue as usual, without interruption," during the restructuring process.

"The restructuring will have no impact on our ability to fulfill our obligations to our employees or customers," said Riddick, who joined the financially troubled company in January.