Meriturn to acquire Johnston Inds.

Johnston Inds. has signed a letter of intent from Meriturn Partners for the purchase of a substantial portion of its assets under Section 363 sale procedure, pursuant to the U.S. Bankruptcy Code on a going concern basis.

Johnston, a designer, manufacturer and supplier of decorative fabrics and finished technical textiles as well as reclaimed fibers, on Jan.31 filed voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court for the Middle District of Georgia.

Its textiles units include Southern Phenix Textiles, an integrated textile mill producing jacquard fabrics and spun polyester napery; Micholas Mills, a weaving mill; and Shawmut Finishing Complex and Distribution, a dyeing and finishing facility, said Marvin Davis, chief restructuring officer.

"This offer would provide Johnston the ability to emerge from this process with a strong balance sheet and the financial resources to remain a leader in the technical textiles and decorative fabrics business," said Gene Cone, president and ceo.

In coming weeks, he added, "Meriturn and other potential buyers will complete their due diligence to acquire Johnston." The company also is seeking bids for the fiber products division of its business, which is being sold in a separate sale process.

Meriturn Partners is located in San Francisco and Raleigh-Durham, NC, and is an advisor and investor for middle-market restructurings and turnarounds.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!