By Tom Weber, KWMU
St. Louis, MO – The Doe Run Company says it has avoided bankruptcy with a new agreement that will lower the company's debt by almost $120 million.
Doe Run's parent company, Renco Group, will provide a $20 million cash flow. The company said in a statement the agreement means it will be able to fulfill its environmental responsibilities at its lead smelter in Herculaneum, noting "we are pleased that we were able to avoid filing for protection under Chapter 11 bankruptcy and thus continue to make good on our obligations and commitments."
The company is buying homes there as part of a clean up that came about after a study found area children with high levels of lead in their blood.