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Horsehead shares soar as investors get role in bankruptcy case
BY JIM CHRISTIE
Irate shareholders of Horsehead Holding Corp won backing on Monday from a U.S. judge for an official role in the zinc producer's Chapter 11 bankruptcy case, sending its stock soaring.

Stockholders had argued that they felt misled by the company's sudden bankruptcy filing in February, which came after the largest U.S. zinc producer indicated it had sufficient funds for its operations.

"Something doesn't smell right to the court," U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware, said as he approved appointing an official equity committee.

Official committees in bankruptcy cases generally represent unsecured creditors, such as bondholders and suppliers, although they are also occasionally appointed for other groups, such as retirees or those with personal injury claims.

Official committees get funds from the bankrupt company to hire lawyers and advisers, while the company generally seeks the committee's support for a plan to exit bankruptcy.

The campaign for an official shareholder committee in the Horsehead case was led by investment fund manager Guy Spier and Phil Town, the author of a 2006 New York Times best-seller, "Rule #1."

Shares of Horsehead were up 73 percent at 19 cents in late over-the-counter trading.







http://www.reuters.com/article/us-horsehead-hldg-bankruptcy-shareholder-idUSKCN0XT1RY














Business Summary
Horsehead Holding Corp., together with its subsidiaries, produces and sells zinc and nickel-based products primarily in the United States and Canada. The company operates through three segments: Horsehead, Zochem, and INMETCO. The Horsehead segment processes electric arc furnace dust and other zinc-bearing material to produce and sell zinc and other metals. The Zochem segment produces and sells zinc oxide. The INMETCO segment processes various metal-bearing waste material generated primarily by the specialty steel industry; provides tolling services; and produces and sells nickel-chromium-molybdenum-iron remelt alloy to the stainless and specialty steel industries. This segment also recycles nickel-cadmium batteries and alkaline batteries. The company’s products are used in the galvanizing of sheet and fabricated steel products; as components in rubber tires, alkaline batteries, paint, chemicals, and pharmaceuticals; and as a remelt alloy in the production of stainless s
teel. It also provides short-line railroad services for the movement of materials. Horsehead Holding Corp. was incorporated in 2003 and is headquartered in Pittsburgh, Pennsylvania. On February 2, 2016, Horsehead Holding Corp., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware.







Profile
Horsehead Holding Corp.
4955 Steubenville Pike
Suite 405
Pittsburgh, PA 15205
United States - Map
Phone: [phone]
Website: http://www.horsehead.net







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