WILMINGTON, Del. (April 2, 2001) — Matlack Systems, one of North America’s largest chemical haulers, filed a petition in Delaware seeking protection under Chapter 11 of the Federal Bankruptcy Code.
The company has 53 terminals in the United States and three in Canada, located in Vancouver, B.C., Leduc, Alta., and Sarnia, Ont. It employs 1500.
The company said in a press release last week that its bank lenders will allow the company to use cash subject to the lenders’ liens while debtor-in-possession financing is negotiated.
President and CEO Michael Kinnard said the company, like the chemical industry, felt the constraints of a shrinking economy.
“Any company that wants to remain viable for the sake of customers, employees, and other stakeholders needs to be flexible enough to adapt to rapid changes in the economy; that is what we are doing,” Kinnard said in the press release.