LANCASTER, PA — Burnham Holdings, Inc. (OTC Pink: BURCA) said its wholly owned subsidiary Crown Boiler Co., LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code on February 25 following the previously announced wind-down of the business.
The filing is intended to resolve the remaining obligations and liabilities of Crown Boiler through a court-supervised process, the company said.
Manufacturing and business activities at Crown Boiler had already been wound down after Burnham Holdings announced the closure of the subsidiary on April 7, 2025.
Chris Drew, president and chief executive officer of Burnham Holdings, said the filing is part of the company’s broader restructuring strategy.
“The action taken today regarding Crown Boiler is a measured step in our long-term plan to optimize the BHI portfolio and focus on our highest-growth businesses,” Drew said.
Burnham Holdings said it previously recorded impairments related to the shutdown of Crown Boiler and does not expect additional adjustments to its financial statements for the year ended December 31, 2025.
The company said it cannot yet estimate the total financial impact of the bankruptcy filing.
The Chapter 11 filing constitutes an event of default under the company’s lending agreements, but Burnham Holdings said it has obtained a waiver from its banking group to maintain operations at its remaining subsidiaries.
Burnham Holdings said the restructuring is part of an effort to streamline operations and focus on its core boiler manufacturing and service businesses.
The company said it is working with legal and financial advisers during the Chapter 11 proceedings and will provide further updates as required.
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