By TED GRIFFITH
Staff reporter
07/31/2004
Applied Extrusion Technologies Inc. said Friday it would seek bankruptcy protection, but the move is not expected to result in job cuts.
The New Castle-based maker of films used in product labeling intends to continue operations while it reduces its debt. Chief Executive Amin Khoury said in a statement that the filing would 'restore the long-term financial stability' of Applied Extrusion. "
"Crescenzo said creditors had indicated they would support the company's plan, a so-called prepackaged Chapter 11 bankruptcy filing. He said the company expects to make its filing in the fall and then emerge from bankruptcy protection six to eight weeks later."
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