Insilco Corp. Files for Bankruptcy: The Midland,...
From Times Staff and Wire reports
Insilco Corp. Files for Bankruptcy: The Midland, Tex.-based diversified company whose products include Rolodex files is seeking court protection after failing to reach agreement with creditors on a restructuring plan. The company blamed high debt costs and the recession for its decision to seek protection from creditors while it reorganizes under Chapter 11 of the U.S. Bankruptcy Code. Insilco also announced an agreement with a bank group led by Wells Fargo & Co. to provide the company with up to $57 million for debtor-in-possession financing.
