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Borden joint venture dissolves

Published on 2003-01-08. Author : SpecialChem

 

A partnership that included a subsidiary of Columbus' Borden Chemical Co. has filed for Chapter 11 bankruptcy protection and plans to liquidate its holdings.
Borden Chemicals and Plastics LP, a holding company for a PVC resin operation, filed for bankruptcy reorganization in the U.S. District Court in Delaware. The resin operation is now defunct.

"Neither the partnership nor the partnership's unit holders would receive any distribution from the operating partnership bankruptcy under the plan of liquidation because sales of the operating partnership's assets have not generated enough cash to satisfy all of its debts," the company said.
One of the partners in the entity was BCP Management Inc., a subsidiary of Borden Chemical.

Borden Chemical provides industrial resins and adhesives, formaldehyde, ultraviolet-light-curable coatings and other products. Borden Chemical is the sole remaining unit of the former Borden Inc. after its dairy business was sold in 1997 and its adhesives unit was shed in 2001.
Borden Chemical is owned by the investment firm Kohlberg Kravis Robert & Co. of New York.


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