UPDATE 1-Wolverine Tube files for Chapter 11 protection

* Lists total assets of $115 mln – court filings

* Lists total liabilities of $238 mln

* Plans to cut debt levels

* Will convert $100 mln of notes into equity
(Adds details)

Nov 1 (BestGrowthStock) – Wolverine Tube Inc (WLVT.PK: ) filed for
Chapter 11 bankruptcy protection in a U.S. court early on
Monday, hurt by cash crunch and high level of interest payments
on its senior notes.

As of Oct. 3, the company, which makes copper and copper
alloy tubes, reported total assets of $115 million and
liabilities of $238 million, of which trade debt was about $5
million, court filings showed.

Wolverine said it had faced cash crunch due to the steep
rise and volatility in the prices of copper and other metals,
its main raw material.

The high level of interest expense on its $131 million of
senior secured notes also led to the filing for bankruptcy
protection, the company said.

The bankruptcy plan aims to cut the company’s debt and will
include conversion of more than $100 million of debt into
equity.

Existing preferred and common shareholders will not receive
or retain any property under the bankruptcy plan, the company
said in the filing.

For the year ending Dec. 31, 2010, the company expects net
revenue of about $281 million.

The case is IN re: Wolverine Tube Inc, Case No. 10-13522,
U.S. Bankruptcy Court, District of Delaware.
(Reporting by Sakthi Prasad in Bangalore)

UPDATE 1-Wolverine Tube files for Chapter 11 protection