Haynes International emerges from Chapter 11

By Jeff Pines

Washington, Aug. 31 - Haynes International Inc. said it emerged from bankruptcy Tuesday.

As part of the consummation of Haynes' confirmed reorganization plan, holders of Haynes' senior notes exchanged $140 million of 11 5/8% senior notes due September 2004 for 96% of the equity in the reorganized company. Haynes' prepetition majority equity holder cancelled its equity interests in exchange for its pro rata share of 4% of the equity in the reorganized company.

Congress Financial Corp. is providing Haynes with a $100 million exit facility.

Haynes is a Kokomo, Ind.-based developer, manufacturer and marketer of advanced, high-performance alloys.

Haynes filed for Chapter 11 on March 29. Its Chapter 11 case number is 04-05364.

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