Clark Holdings enters Chapter 11
By Staff -- Home Textiles Today, 5/12/2003
NEW YORK Clark Holdings LLC has filed for Chapter 11 bankruptcy protection.
The company was formed in April 2002 as a result of a merger of Cyrus Clark Co. and Concord Home. According to Gilbert Lazarus, a partner in Lazarus & Lazarus here, debtor in possession financing has been agreed to by the lender and debtor and is awaiting approval by the judge.
The company has assets of $2.7 million and liabilities in excess of $4 million, according to Lazarus.
Clark Holdings will continue to operate, said Bill Zales, one of the principals.
