Keywell to file for Chapter 11, sell assets

Sep 23, 2013 | 05:09 PM | Rey Mashayekhi

Tags  Keywell, Cronimet, Chapter 11, bankruptcy protection, Mark Lozier, specialty steel recycler, Rey Mashayekhi

NEW YORK — Specialty steel recycler Keywell LLC has agreed to sell "a substantial portion" of its assets to processor Cronimet Corp., the company said Sept. 23.

The agreement will see Chicago-based Keywell file for Chapter 11 bankruptcy protection "within the next few days to commence the sale process," the company said.

Aliquippa, Pa.-based Cronimet will acquire Keywell’s aerospace metals businesses in Falconer, N.Y., and Monroe, N.C., while Keywell will retain its properties in Chicago; Atlanta; Fairless Hills, Pa.; Frewsburg, N.Y.; Detroit; and Carson, Calif.....

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