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
National Spinning Co., $302,354
Burke Mills, $195,464
Huntsman Textile, $181,149
American Dornier Machine, $139,428
Texturing Services, $112,338
Tuscarora Yarns, $94,572
Grover Inds., $90,776
Chesterfield Yarns, $36,414
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