Liquidating Quaker Fabric Now in Ch.11

All Employees Terminated as of July 2

By Staff -- Home Textiles Today, 9/3/2007 12:00:00 AM

Fall River, Mass. —

Having already started its asset liquidation process, upholstery and jacquard producer Quaker Fabric filed for Chapter 11 bankruptcy in August. (Quaker's affiliates outside the United States were not included in the filing.)

The company said up to $1.65 million in new debtor-in-possession financing would provide sufficient funding during the Chapter 11 process.

"Substantially all" of Quaker's 930 employees were terminated as of July 2, and bids on assets have been sought since at least July 9.

In the filing, Quaker said it has assets at book value of $155.2 million and debt of $60.4 million. Industry suppliers listed among the 40 largest unsecured creditors are:

• Unifi, owed $3.2 million

• Hangzhou Zhongwang Fabric, $1.3 million

• Seko Worldwide, $471,658

• Carolina Yarn Processors, $453,739

• American Fibers and Yarns, $350,124

• Regifil, $317,301

• National Spinning Co., $302,354

• Regitex, $274,430

• Noveon, $240,344

• Burke Mills, $195,464

• Huntsman Textile, $181,149

• American Dornier Machine, $139,428

• Crypton, $127,575

• Texturing Services, $112,338

• Tuscarora Yarns, $94,572

• Grover Inds., $90,776

• Chesterfield Yarns, $36,414