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Restoration Forest Products, Bellemont, Az., has filed for Chapter 11 bankruptcy protection as it seeks to reorganize.
In its filing, the company reported liabilities of $367 million and assets of at least $100 million. The firm says it already has struck a deal with stakeholders that will allow it to cut more than $300 million in debt. As part of the plan, Invesco agreed to supply $95 million in funding to get through the court process. Once Restoration Forest emerges from bankruptcy, Invesco would own the company along with its current equity holder, Lateral Investment Management.
The plan and financing are subject to court approval.
