San Jose, CA, Nov. 19--Resilient and rubber flooring manufacturer Burke Industries has completed its reorganization plan to emerge from Chapter 11 bankruptcy, which it had filed for in June of last year. The plan included the sale of its engineered polymers division which operated plants in Santa Fe Springs, California and Taunton, Massachusetts. The new company will focus on its core businesses in flooring and commercial rubber processing with facilities in San Jose, California and Eustis, Florida.
Robert Pitman, senior vice president and general manager said, ³We at Burke are excited that the company has successfully reorganized and emerged with a strong balance sheet. The company will have a capital structure that will free up resources which can be reinvested in the business. Our employees, customers and vendors were very supportive during this difficult period and our long term relationships not only survived the process but promoted a successful outcome.²
Matthew Kaufman, managing director of GSC Partners, the firm¹s new majority shareholder, said, ³We are very pleased to help with the restructuring of the company. We look forward to working closely with Burke¹s management team to enhance the company¹s competitive position.²
