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Print Edition StoriesThursday, July 2, 2009
Proliance files for Ch. 11 bankruptcy
By Mass High Tech staff
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Proliance International Inc., a New Haven, Conn.-based manufacturer and distributor of heat transfer and temperature control products, has filed for Chapter 11 bankruptcy. The reorganization filing was submitted voluntarily by the company, which gears its products for automotive and heavy-duty industrial applications in North America, Central America and Europe.
As a result, Proliance has agreed to sell its North American assets for $21.5 million cash to Tennessee holding company, Centrum Equities XV LLC, which includes the Visteon aftermarket business.
Proliance has about $133.5 million of liabilities listed in the bankruptcy filing.
In a press release, Proliance president and CEO Charles Johnson said, “We have done everything possible to obtain a refinancing or to carry out our sale of the business since February 2008, when tornados destroyed our Southaven, MS warehouse and much of the inventory. However, the condition of the financial markets has made it impossible to find a viable financing package outside bankruptcy.”
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