Formica Seeks End to Bankruptcy

Formica Corp. (Cincinnati), manufacturer of laminates and other surfacing materials for retail designers and others, has been ordered by a bankruptcy judge to present a reorganization plan in the next 60 days.

The 90-year-old company, in bankruptcy protection since early 2002, said its reorganization plan would allow it to emerge with less than $150 million in debt. It reported debt of $500 million on a consolidated basis when it sought court protection 15 months ago. Two private investment firms have reportedly agreed to invest $175 million as part of a $405 million plan to bring Formica out of bankruptcy.