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Oglebay Norton Seeks Court Protection

Published Monday, March 01, 2004

After more than two years of trying to turn the company around, Oglebay Norton sought the cover of Chapter 11 bankruptcy. Then the company's stock prices fell below $1 per share, prompting a delisting notice. On Feb. 23, Oglebay Norton filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. Two days later it was given interim approval to borrow as much as $40 million from a $75 million debtor-in-possession credit facility. In a prepared statement, Oglebay Norton CEO and President Michael Lundin says he is confident the company can continue to operate and ...

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