Fletcher-Terry Co. Files for Chapter 11 Bankruptcy
November 30, 2009
The Fletcher-Terry Co. in Farmington, Conn., a manufacturer of
glass fabrication tools, filed for Chapter 11 bankruptcy on October
Among the creditors holding its largest unsecured claims are:
- ISUN International Group - owed $350,000.00;
- McKim Group - owed $ 34,712.15; and
- MSC Industrial Supply Co. - owed $ 6,906.96.
The company has motioned to sell substantially all of its assets
to FTCO Acquisition LLC to emerge from the bankruptcy process.
According to court documents, "Since the Petition Date, the
Debtor's management has invested considerable time and effort evaluating
various alternatives designed to maximize value for the estate.
After careful consideration of these options and cognizant of its
fiduciary duty to creditors, management has determined that the
sale of the Debtor's business as a going concern is the only feasible
alternative for the estate at this time and a sound exercise of
the Debtor's business judgment."
The documents further state, "The Debtor is authorized and
directed to change the Debtor's name as of the Closing pursuant
to the terms of the Asset Purchase Agreement from The Fletcher-Terry
Company to FTC Liquidation, LLC, and the name of Debtor's subsidiary,
The Fletcher-Terry Export Corporation ("Subsidiary") to
any name that does not include Fletcher-Terry. Debtor and its Subsidiary
shall make no further use of the Fletcher-Terry name after the Closing
on the Sale of Assets, except to the extent required by this Court,
or as reasonably necessary and agreed upon by the Proposed Buyer
Need more info and analysis about the issues?
HERE to subscribe to USGlass magazine.