Fayetteville die casting company Pace Industries files for Chapter 11 bankruptcy due to coronavirus – KFSM 5Newsonline

FAYETTEVILLE, Ark. — Pace Industries, an aluminum, zinc and magnesium die casting company based in Fayetteville, announced Monday (Apr. 13) it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.
“Upon implementation, this agreement will give the company the financial foundation necessary to resume normal-course operations following the COVID-19 outbreak, realize the full benefit of its cost-savings initiatives and strategic investments recently executed, and continue to serve its customers as a leading fully-integrated provider of die-cast aluminum, magnesium and zinc components,” the company said in a statement.
The agreement has support from 100% of the holders of the company’s senior secured notes, according to a news release, as well as its revolving credit facility lenders. 
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