Madison, Maine – TimberHP, the sole manufacturer of wood fiber insulation in North America, announced today that it has filed a voluntary, pre-negotiated Chapter 11 plan of reorganization in the U.S. Bankruptcy Court for the District of Delaware. The plan, with the support of its stakeholders, will significantly strengthen the company’s balance sheet and position it for long-term success. During the court-supervised reorganization process, business will continue as usual and without interruption, including the production and sales of its two, well received, existing product lines, TimberBatt and TimberFill.
“TimberHP is grateful to its sales partners, vendors, employee partners, and bondholders for standing by the company through this challenging, but necessary process. TimberHP has an incredible product line, and we are pleased to have the support and capital required to execute our business plan and address the growing demand for sustainable insulation materials in the U.S. construction industry,” said TimberHP CEO Matthew O’Malia.
With the advanced support of TimberHP bondholders and key creditors, the company expects to expedite the Chapter 11 process and emerge from bankruptcy within the coming months to a strengthened financial position and access to growth capital to complete construction of the manufacturing line for its third product, TimberBoard.
“The ongoing professionalism of our existing TimberHP employees, and their commitment to bringing our products to market through this period of change, has been inspiring to witness,” said O’Malia. “We’re excited to also have the capital moving forward to add key positions to our talented group.”
TimberHP will also be building out its sales and support team. The additional staff will allow the company to significantly ramp up its on-the-ground sales efforts throughout the Northeast and Mid-Atlantic states. TimberHP’s first two products, TimberFill and TimberBatt, have been well received throughout these regions, and the company looks forward to adding TimberBoard to its offerings.
For additional information about TimberHP’s restructuring, including access to court filings and other documents related to the Court-supervised process, please visit PACER. TimberHP is advised by Jefferies LLC as its financial advisor and Cozen O’Conner as legal counsel in connection with the reorganization.
Mr. Roger Spataro offers a unique perspective on home improvement content, combining his writing skills with hands-on construction experience. Hailing from Chicago, Spataro began his career in the building construction industry after earning a Bachelor of Arts in English Literature from the University of Illinois at Chicago. He transitioned into writing, initially creating technical manuals and guides for construction professionals, allowing him to share his practical knowledge through the written word.
