On October 7, 2015, Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC filed a Chapter 11 petition seeking protection in the United States Bankruptcy Court for the District of Delaware. The case is docketed as case no. 15-12075, and has been assigned to The Honorable Brendan L. Shannon.
In support of the filings, the Debtors filed the Declaration of Thomas Doherty, the CRO for the debtors. According to the Doherty declaration, the debtors consist of TWI, a holding company, and TWC, a wholly owned operating subsidiary of TWI.
The debtors employ approximately 164 employees in the U.S. and TWC is primarily engaged in manufacturing and distribution of cryogenic portable and bulk storage tanks.
According to Mr. Doherty, the debtors engaged in an effort to find a buyer of their assets prior to filing. The debtors have identified a stalking horse bidder to buy the CryoScience division for $24 million plus assumption of certain liabilities. During the bankruptcy the debtors will attempt to sell the rest of their assets, including a plan in Alabama and stock in their non-debtor foreign subsidiaries.