To facilitate the ongoing process to sell its businesses, DCL Corporation (DCL or the Company), a leading manufacturer and reseller of color pigments, announced that on Dec. 20, its U.S.-based subsidiaries filed voluntary petitions for a court-supervised reorganization under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, according to a press release. Contemporaneously, the company and its Canadian subsidiaries have also commenced court-supervised restructuring proceedings in Canada under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (CCAA). As part of these filings, DCL has entered into a stalking-horse asset-purchase agreement (APA) under which it will sell substantially all of the company's assets in a § 363 sale. The agreement is subject to court approval and any higher or better offers received pursuant to the bidding procedures proposed as part of the sale process. DCL's international subsidiaries in the U.K. and the Netherlands are not included in the chapter 11 or CCAA proceedings. In support of the restructuring process, DCL's existing lender, Wells Fargo, has agreed to provide up to $55 million in debtor-in-possession financing. Following court approval, the company expects this financing, together with cash flow from operations, to support the business in normal operations during the court-supervised process. Read more.