UPDATE 1-Neenah exits bankruptcy, cuts debt by $270 mln

* Reorganization plan confirmed by court earlier this month

* Names acting CEO, CFO

July 30 (Reuters) - Independent foundry company Neenah Enterprises Inc NENAQ.PK on Friday said it emerged from bankruptcy protection, cutting its debt by more than $270 million.

The company's reorganization plan was confirmed by a Delaware bankruptcy court earlier this month.

Richard Caruso, a managing director for Huron Consulting Services LLC, will serve as acting chief executive officer of the company, while Brent Johnson, also of Huron, will serve as acting chief financial officer, Neenah said in a statement.

The company also said it had retained a recruiting firm to assist it in hiring permanent successors to Caruso and Johnson.

The Wisconsin-based company and 17 affiliates sought Chapter 11 protection in February under a pre-arranged restructuring accord with many debt holders.

Neenah's secured and subordinated term debt was converted into equity as part of the restructuring.

The company sells castings such as manhole covers and storm grates to municipal governments.

The case is In re: Neenah Enterprises Inc, U.S. Bankruptcy Court, District of Delaware, No. 10-10360. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)