CANTON, Mass. - Plymouth Rubber Co. has filed for Chapter 11 reorganization.
Plymouth said it sought protection from creditors after it could not reach agreement with Pension Benefit Guaranty Corp. and secured creditors on its underfunded pension plan.
It has arranged a funding agreement, subject to court approval, with LaSalle Bank NA that would provide access to $2 million for continuing operations.
Plymouth Rubber of Canton, Mass., makes plastic and rubber products, including automotive tapes.