Debt drives MMFX, two subsidiaries to seek Ch. 11 protection
Dec 15, 2010 | 12:07 PM
| Corinna Petry
MMFX Technologies Corp. filed for Chapter 11 bankruptcy court protection Tuesday, citing excess debt from its purchase of a Canadian steel mill.
MMFX subsidiaries MMFX Steel Corp. of America and Faststeel Corp. also filed for protection from creditors, the company said.
Two other subsidiaries–MMFX Canadian Holdings Inc. and MMFX International Holdings Inc.—had filed bankruptcy protection petitions in January this year.
The Irvine, Calif.-based company will continue to produce steel products during its reorganization.
The two subsidiaries that had entered bankruptcy proceedings in January also secured the bankruptcy court's approval Tuesday to extend deadlines into March 2011 to gain creditor approval on their restructuring plans.....
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