American Gilsonite Approved for Reorganization Under Chapter 11

American Gilsonite has reached an agreement for reorganization under chapter 11 of the U.S. Bankruptcy Code. The Bonanza company, founded in 1886, was authorized $30 million dollars in financing through the U.S. Bankruptcy Court on October 26th. American Gilsonite CEO David Gallagher explains that the agreement reached with financial stakeholders recognizes the underlying strength of the company. “American Gilsonite has positive operating cash flow, a highly differentiated product offering, more than 100 years of mineral reserves and a broadly diversified customer base,” says Gallagher. “With the implementation of this prepackaged reorganization plan, we will significantly strengthen the company’s balance sheet and create a capital structure that is more sustainable over the long term.” Gilsonite is a naturally occurring hydrocarbon resin that is primarily used as a performance additive in oil and gas drilling as well as other industrial applications.

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Kristin Baldwin

Kristin never planned to work in news radio but has thoroughly enjoyed being part of the news team at KVEL. Her love of literature and writing developed in high school which led her to study English Literature and Technical Writing at BYU. She received her BA in English from BYU in 2005 and studied at UVU in Orem for 2 semesters to become a Certified Technical Writer in 2006. Two months after completion she began her dream job of being a stay-at-home mom.  As mother of 2 energetic kids, she began writing from home for the KVEL news team in 2011 and considers it the perfect fit as a full time mom and part time writer.