Pensions liabilities force Plymouth Rubber into Chapter 11 reorganisation

Canton, Massachusetts -- Plymouth Rubber Company, Inc. has announced that it has voluntarily filed for protection under Chapter 11, due to the inability of its secured lenders and the Pension Benefit Guaranty Corporation (PBGC) to reach agreement regarding the priorities of their

respective liens.

"Plymouth has decided to take this step proactively to

ensure that it will continue to operate without interruption and maintain full service to our thousands of customers worldwide," commented Maurice Hamilburg, Plymouth's President. "This action will protect and ensure fair treatment for the Company and all interested parties while the dispute is resolved and a satisfactory payment plan negotiated."

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Press release from Plymouth Rubber