Radnor granted court OK to continue use of Alvarez & Marsal CRO services

By Caroline Salls

Pittsburgh, Nov. 3 - Radnor Holdings Corp. obtained court approval to continue to use Alvarez & Marsal, LLC to provide chief restructuring officer services for the company, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Alvarez & Marsal's Stan Springel will continue to be Radnor's chief restructuring officer.

According to the motion, Alvarez & Marsal provides the company with a chief restructuring officer and additional personnel the board of directors may request to assist with the company's restructuring efforts.

The chief restructuring officer and any additional officers will help the company identify and implement cost reduction and operations improvement opportunities, as well as financial and strategic alternatives reviews.

Radnor, a Radnor, Pa.-based foam cup, container and expandable polystyrene bead manufacturer, filed for bankruptcy on Aug. 21. Its Chapter 11 case number is 06-10894.

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