Thermadyne makes Chapter 11 filing, obtains $60 million DIP financing

New York, Nov. 19 - Thermadyne Holdings Corp. said it made a voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the Eastern District of Missouri in St. Louis. Included in the filing are Thermadyne's domestic subsidiaries.

The company also said it has a commitment for $60 million of debtor-in-possession financing to allow it to continue business as usual during the reorganization.

Thermadyne, a St. Louis, Mo. manufacturer of cutting and welding products, said it will work with its bank lenders and bondholders to come up with a plan to reduce its debt and restructure its balance sheet.

"The Thermadyne companies are strong operationally, but we simply have too much debt," said Karl R. Wyss, chairman and chief executive officer, in a news release. "Now, we will be able to work toward agreement on a plan that will give us the financial stability we need to capitalize on the brand and operating strengths of our companies. During this process, we will continue to meet our commitments to our customers, suppliers and employees."

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