Released on July 30, 2010

Neenah Enterprises Inc., Neenah, Wis., announced it has successfully emerged from bankruptcy under new equity ownership.

Earlier this month, Neenah received confirmation of its plan of reorganization from the U.S. Bankruptcy Court in Wilmington, Del. The company has reduced its debt by more than $270 million and transitioned to a new executive management team.

“We are pleased to have emerged from bankruptcy in less than six months,” said Rich Caruso, a managing director for Huron Consulting Services LLC who is serving as Neenah’s acting chief executive officer. “Neenah's reputation, strong workforce, customers and vendor community were a critical aspect to formulating a plan of reorganization that greatly enhances our competitive position.”

On Feb. 3, Neenah and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware to restructure its balance sheet while providing 100% recoveries to its suppliers and vendors. In connection with its restructuring, Neenah’s secured and subordinated term debt was converted into equity, providing it with an improved balance sheet.

Neenah is the indirect parent holding company of Neenah Foundry Co., which together with its subsidiaries produces iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets.