Pressure vessel and precision valve manufacturer Taylor-Wharton International LLC has completed its reorganization and emerged from Chapter 11 bankruptcy. The reorganization plan had been prearranged with leading creditors, and effectively reduced TWI’s debt obligations by more than 50% while securing new equity investments.

"By having an agreement in place with key financial stakeholders early in the process, we were able to accomplish the restructuring quickly and efficiently, with little to no disruption to our customers or to our supply chain," stated chairman and CEO Bill Corbin.

The creditors also agreed to new terms for the company’s debt obligations, and established a new $25 million line of credit.

Trade creditors were compensated on normal terms throughout the restructuring, TWI reported.

The Mechanicsburg, Pa., company said its operations were largely unaffected by the restructuring, but emphasized that it “streamlined” certain functions, reduced overhead and operating expenses, and realigned operations around three business lines: American Welding and Tank, Sherwood Valve and Taylor Wharton Cryogenics.

Also, TWI sold its Huntsville Cylinder operation and certain assets at its Harrisburg, Pa, location to Norris Cylinder Corp., so it can focus on its three core businesses.

"Taylor-Wharton has emerged from Chapter 11 as a stronger company with the financial flexibility, commitment, and expertise to deliver industry leading excellence and products to our customers," according to Corbin. "When Taylor-Wharton filed for Chapter 11 protection eight months ago, it was vital that the company re-align its capital structure with current business operations, increase its financial flexibility, and continue to honor commitments to its customers and suppliers. I am pleased to report the company successfully achieved all of those goals."