Advanced Glassfiber files for Chapter 11

New York, Dec. 11 - Advanced Glassfiber Yarns LLC said it made a voluntary Chapter 11 filing with the U.S. Bankruptcy Court for the District of Delaware in Wilmington late Tuesday.

The Aiken, S.C. supplier of glassfiber yarns also said it obtained a commitment for up to $15 million of debtor-in-possession financing from Wachovia Bank NA.

Advanced Glassfiber will use the Chapter 11 protection to continue discussions with its bank lenders and holders of its $150 million of 9 7.8% senior subordinated notes on restructuring the debt. Outstanding borrowings on the term loan and revolver are $180 million.

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