Amcast, parent corporation of Lee Brass Co., manufacturer of brass fittings for the plumbing industry, reached an agreement in principle regarding a financial restructuring of its capital that would reduce the company's debt by about $30 million and strengthen its balance sheet. Amcast and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Ohio in November.

“During the restructuring period and beyond, we intend to continue our long-standing commitment to provide the highest quality products and the service our customers have come to expect,” said Byron Pond, Amcast's chairman, president and chief executive officer, in a statement. “We expect our daily operations to continue as usual and we will continue to do business with our suppliers and pay them on normal terms for goods and services they supply during the Chapter 11 process. Moving forward, we will continue to service our existing customers, renew current contracts and solicit new business,” Pond said.

Amcast Industrial Corp. manufactures technology-intensive metal products. One of its two business segments, Flow Control Products, is marketed through national plumbing distribution channels.