Nyrstar Group, one of the world’s largest zinc refiners, filed for bankruptcy in the U.S., asking a judge to enforce a restructuring plan that has already won the support of creditors in the U.K., WSJ Pro Bankruptcy reported. The company on Tuesday filed for chapter 15 protection at the U.S. Bankruptcy Court in White Plains, N.Y., a common refuge for foreign companies looking for help keeping U.S. creditors in line. Nyrstar’s parent company, Nyrstar N.V., is incorporated in Belgium and is traded on Euronext Brussels. Collectively, the group’s balance sheet is weighed down with about €2.6 billion ($2.9 billion) in debt, which is being restructured in the U.K. through a recently incorporated holding company. Nyrstar says it suffered from “a number of operational and financial issues” in late 2018. In particular, the company cited a deterioration in commodity prices, historically low refining charges, increased energy costs in Europe, as well as currency fluctuations. Some of Nyrstar Group’s most important mines were also affected by maintenance shutdowns last year.
