Aerospace-parts manufacturer Fansteel Inc. filed for bankruptcy Tuesday, blaming its financial troubles on the U.S. military drawdown in Afghanistan and the drop in oil prices, Dow Jones Newswires reported yesterday. Fansteel, which along with its affiliates employs more than 600 people, filed for chapter 11 protection in the U.S. Bankruptcy Court in Des Moines, Iowa, seeking to restructure a debt load that tops $40 million. The company serves customers in the aerospace and defense industries, and its parts are used in U.S. military helicopters and aircraft carriers, court papers say. As oil fell to $35 a barrel, the Creston, Iowa-based company tried to refinance its debts with several banks. In May, the Fansteel board of directors replaced its top executives with a team of professionals that developed a turnaround plan, which was presented to regional banking lender Fifth Third Bank. Los Angeles-based credit fund TerraMar Capital later stepped in and purchased the debt from Fifth Third.
