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Scovill Fasteners Seeks Bankruptcy Protection to Sell Most of Its Assets
Scovill Fasteners Inc., the maker of snap-closure buttons for consumer and military clothing for more than two centuries, sought bankruptcy protection from creditors with an agreement to sell virtually all its assets to Global Equity Capital LLC.
The company, based in Clarksville, Georgia, listed $100 million to $500 million in debt and $10 million to $50 million in assets in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Gainesville, Georgia.
Scovill, with roots dating back to a small Connecticut button-making business in 1802, makes fasteners used in jeans and U.S. military garments, according to court documents.
“Scovill is currently suffering a liquidity crisis attributable to losses suffered after the closing of a China facility” that cost the company about $30 million, Chief Executive Officer Stewart Little said in a court filing.
Due to “the high immediate cash flow required to keep production at pace,” the company decided “a sale of Scovill’s assets is necessary to complete its restructuring,” he said.
The company agreed to sell almost all its assets to a unit of Global Equity that will act as the lead bidder at a bankruptcy auction, according to court documents. The Global Equity affiliate has offered $17 million in cash and the costs for assuming certain contracts, as well as taking on other liabilities.
War of 1812
Scovill’s products include “world-recognized” fasteners such as the Gripper, Duramark and Dot. The company’s buttons have been featured on many military uniforms since the War of 1812, according to its website. Scovill also has a specialty products line used in medical electrocardiograph monitoring pads, as well as space suits used by the National Aeronautics and Space Administration, court papers show.
In 1825, the company produced a set of 17 solid gold closures for the Marquis de Lafayette, adorned with a likeness of George Washington.
The case is In re Scovill Fasteners Inc., 11-21650, U.S. Bankruptcy Court, Northern District of Georgia (Gainesville).
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That's why some samples I was waiting for never arrived.....
Scovill Fasteners Inc., the maker of snap-closure buttons for consumer and military clothing for more than two centuries, sought bankruptcy protection from creditors with an agreement to sell virtually all its assets to Global Equity Capital LLC.
The company, based in Clarksville, Georgia, listed $100 million to $500 million in debt and $10 million to $50 million in assets in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Gainesville, Georgia.
Scovill, with roots dating back to a small Connecticut button-making business in 1802, makes fasteners used in jeans and U.S. military garments, according to court documents.
“Scovill is currently suffering a liquidity crisis attributable to losses suffered after the closing of a China facility” that cost the company about $30 million, Chief Executive Officer Stewart Little said in a court filing.
Due to “the high immediate cash flow required to keep production at pace,” the company decided “a sale of Scovill’s assets is necessary to complete its restructuring,” he said.
The company agreed to sell almost all its assets to a unit of Global Equity that will act as the lead bidder at a bankruptcy auction, according to court documents. The Global Equity affiliate has offered $17 million in cash and the costs for assuming certain contracts, as well as taking on other liabilities.
War of 1812
Scovill’s products include “world-recognized” fasteners such as the Gripper, Duramark and Dot. The company’s buttons have been featured on many military uniforms since the War of 1812, according to its website. Scovill also has a specialty products line used in medical electrocardiograph monitoring pads, as well as space suits used by the National Aeronautics and Space Administration, court papers show.
In 1825, the company produced a set of 17 solid gold closures for the Marquis de Lafayette, adorned with a likeness of George Washington.
The case is In re Scovill Fasteners Inc., 11-21650, U.S. Bankruptcy Court, Northern District of Georgia (Gainesville).
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That's why some samples I was waiting for never arrived.....
