INKSTER, Mich. (HedgeWorld.com)–EaglePicher Inc. and its U.S. subsidiaries, which jointly filed for bankruptcy April 11, 2005, have now completed their restructuring and they have emerged as EaglePicher Corporation and subsidiaries, owned principally by affiliates of Angelo, Gordon & Co. LP, New York and Tennenbaum Capital Partners LLC, of Santa Monica, Calif.
David Treadwell, president and chief executive of EPC, said in a statement issued Monday that it’s important that the new company has U.S. ownership, due to its extensive U.S. government/defense business. “We appreciate the support of our employees, customers and suppliers during this process and are ready to move forward as a stronger, leaner, and operationally focused company,” Mr. Treadwell said.
The older company, EPI, was driven into bankruptcy largely because of failed investments in joint ventures, a significant drop off in the performance of several divisions (such as Hillsdale Automotive) and a high level of debt.
A former vice chairman of Delphi Corporation, Donald Runkle, has been named the non-executive chairman of EPC. Mr. Runkle began his career in the auto industry at Ford Motor, while still a student. After graduation, he joined General Motors, where he held several positions. In the late 1990s, he co-led the initial public offering and spin-off of Delphi from GM.
Mark Holdsworth, managing partner at Tennenbaum Capital, also will be a director, as will Todd Arden, partner, Angelo, Gordon, and four others.
EaglePicher is a private equity fund with business in nine industries: automotive; defense; space; commercial power; nuclear; semi-conductors; filtration; pharmaceuticals; and medical.
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