*Mike*
16th of June 2007 (Sat), 12:21
Has anyone seen this (http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=GM:US&sid=ahzVi4XSvlgo)yet?
Photo Album Maker Art Leather Files to Reorganize in New York
Art Leather Manufacturing Co. Inc., a manufacturer and distributor of leather photo albums, filed a Chapter 11 petition yesterday in New York, listing asset of $3.2 million against debt totaling $11.8 million.
Having trouble paying its bills, Art Leather entered into an out-of-court composition agreement with its unsecured creditors in March 2005. The company defaulted after making the first payment and also defaulted on a forbearance agreement with its secured lender.
Art Leather, located in Hicksville, New York, has $4 million in financing for the reorganization supplied by the pre- petition lender Merchant Financial Corp. At filing, the secured debt was $2.8 million secured by all of the assets.
Art Leather has a manufacturing facility in Tijuana, Mexico.
In a bankruptcy court filing, the company blamed the bankruptcy on ``intensive competition.''
The case is In re Art Leather Manufacturing Co. Inc., No. 07-11833, U.S. Bankruptcy Court, Southern District New York (Manhattan).
Suck. I was hoping that was a rumor.
Photo Album Maker Art Leather Files to Reorganize in New York
Art Leather Manufacturing Co. Inc., a manufacturer and distributor of leather photo albums, filed a Chapter 11 petition yesterday in New York, listing asset of $3.2 million against debt totaling $11.8 million.
Having trouble paying its bills, Art Leather entered into an out-of-court composition agreement with its unsecured creditors in March 2005. The company defaulted after making the first payment and also defaulted on a forbearance agreement with its secured lender.
Art Leather, located in Hicksville, New York, has $4 million in financing for the reorganization supplied by the pre- petition lender Merchant Financial Corp. At filing, the secured debt was $2.8 million secured by all of the assets.
Art Leather has a manufacturing facility in Tijuana, Mexico.
In a bankruptcy court filing, the company blamed the bankruptcy on ``intensive competition.''
The case is In re Art Leather Manufacturing Co. Inc., No. 07-11833, U.S. Bankruptcy Court, Southern District New York (Manhattan).
Suck. I was hoping that was a rumor.