NH Holding Inc, the New York company that led the buyout of Ampex Corp, is in trouble: it has filed a voluntary petition for Chapter 11 bankruptcy protection, after grace periods on its overdue interest payments expired: it plans to present a reorganisation plan as soon as possible, and stresses that Ampex is not part of the bankruptcy case or petition; NH Holding’s principal asset is its interest in 14m common shares in Ampex; it has been in discussions with big debtholders regarding a possible distribution of assets to creditors, or other alternatives for restructuring its debt, though no definitive agreement has been reached.
