Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Pace Industries has removed itself from Chapter 11 protection after completing a restructuring exercise to strengthen its finances.


In a recent statement, the company noted that over the past two months it had completed its financial restructuring, deleveraged its balance sheet and was ready to build upon the operational improvement initiatives it had started before filing for Chapter 11.


The company has also made some top management changes under its restructuring plan. It announced the Board had appointed Donald Hampton Jr. as its new chief executive officer, while current chief executive Scott Bull will continue with the company in an advisory capacity during the transition process. 


The company noted that with more sustainable capital and a stronger balance sheet, has the ability to focus on key industries and expand its share in growth markets. 


The US-based aluminum, zinc, and magnesium die-caster had filed for bankruptcy in April, citing weak demand and supply chain constraints from COVID-19-induced automotive shutdowns, which had further weakened its already tenuous financial position.

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