Chemical company Reichhold Inc. filed for chapter 11 protection yesterday after securing a pledge from its bondholders to fund its operations and purchase its business, Dow Jones Daily Bankruptcy Review reported today. The maker of resins used in a variety of industries said bondholders have pledged $130 million in financing, of which $100 million will be a debtor-in-possession loan, to fund the company's continuing operations during the chapter 11 case. Bondholders have also agreed to serve as stalking-horse bidder in a court-overseen auction of Reichhold's U.S. business.
