Reichhold announced the purchase of most of the assets of the U.S. business was completed. This transaction, approved by the United States Bankruptcy Court for the District of Delaware on January 12, 2015, allows Reichhold’s U.S. businesses to successfully emerge from bankruptcy and re-join the rest of the global Reichhold organization.

Concurrent with this purchase, Reichhold completed a debt-for-equity exchange with a group of investors led by Black Diamond Capital Management LLC and including J.P. Morgan Investment Management, Inc., Third Avenue Management LLC, and Simplon Partners LP. As a result of that transaction, Reichhold is now owned by those and other investors.

Reichhold is a privately held entity with a significantly stronger balance sheet, having shed some major legacy liabilities while eliminating the high yield bond debt.

“Today is a great day for our customers, suppliers and employees. Our company has remained intact, and we are better positioned than ever to leverage the strengths of our global business and industry-leading brands to bring new solutions to our customers. We will use our stronger balance sheet to drive operational improvement and to increase profitability. We are better capitalized and have a solid financial foundation for future growth. We have emerged from this process even more capable of developing and delivering the innovative products and services that our customers value. Our new products continue to gain traction in the marketplace, and we continue to deliver innovation which serves unfilled needs in our industry. With the support of our new owners, key stakeholders, advisors and the hard work and commitment of our employees, we are pleased that we have successfully navigated this process in a very short time period while operating our business as usual and without interruption. We are appreciative of all who have supported us during the past few months, and as we begin our 88th year, we are as committed as ever to growing our business and improving our industry,” said John S. Gaither, President and CEO of Reichhold.

Founded in 1927, Reichhold, with its world headquarters and technology center in Durham, North Carolina, USA, is one of the world’s largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold has manufacturing operations throughout North America, Latin America, the Middle East, Europe and Asia.

Black Diamond Capital Management, LLC, is a privately held alternative asset management firm. Black Diamond manages approximately $8 billion in assets across three complementary investment platforms: Control Distressed/Private Equity Funds, a Hedge Fund, and CLOs and other structured vehicles.

Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients.