Taylor-Wharton International (TWI) with corporate headquarters in Minnetonka, Minnesota, and Taylor-Wharton Cryogenics (TWC), filed a Chapter 11 petition for protection in the United States Bankruptcy Court in the District of Delaware. The debtors are parent company TWI and its wholly owned operating subsidiary TWC, a manufacturer and distributor of cryogenic portable and bulk storage tanks. The 2 companies employ approximately 164 in the US. They sought to sell off their assets prior to filling a petition for bankruptcy. This story has been widely reported by the general media worldwide. It seems that a bidder had been identified which was willing to buy the CryoScience division for $24 million plus assumption of certain assets.

Under Chapter 11, the debtors are protected from any collection attempts. The debtor can try to reorganize the company based on a restructuring plan.

At the end of 2009 TWI filled a petition for protection under Chapter 11 and strove to reorganize itself over a period of 8 months. It was able to start doing business again in July of 2010. It seems that at that time there was no major restructuring.