Batavia, OH-based Milacron Inc., a global supplier of plastics-processing technologies and industrial fluids, has reached an agreement to sell the company to investors. The agreement with Avenue Capital Group and DDJ Capital Management LLC, who jointly own 78% of the company’s 111/2% Senior Notes, is intended to permit Milacron to continue operations with substantially less debt.
 
Milacron also voluntarily filed for Chapter 11 bankruptcy protection in order to implement the restructuring while continuing global operations. Despite aggressive cost reduction and ongoing capacity rationalization over the past several years, the ongoing credit crisis and deteriorating global economic conditions have severely reduced sales. The filings include Milacron’s Canadian and …