Foss Files For Bankruptcy
Home & Textiles Today Staff -- Home Textiles Today, September 26, 2005
Hampton, N.H. — Foss Manufacturing Company — which produces specialty synthetic fabric and nonwoven fabrics for technical, decorative and automotive uses — has filed for Chapter 11 bankruptcy.
The filing, in the U.S. Bankruptcy Court in Manchester, N.H., occurred Sept. 16 after the company's senior lender declined to fund day-to-day operations, according to a statement from Foss. Foss and CapitalSource Finance, the lender, were also unable to reach terms on funding the company's restructuring plan.
Foss has hired Foley Hoag LLP and Carl Marks Advisory Group LLC to advise the company during its bankruptcy. Foley is a business law firm. Marks is a middle-market merchant bank specializing in financial advisory, consulting, venture capital, real estate, private equity and distressed securities.
The manufacturer has asked the bankruptcy court to allow it to use cash collateral as working capital for its operations. Foss said it plans to continue manufacturing during the bankruptcy proceeding. It also said it anticipates neither customer disruptions nor employee layoffs.
The company operates facilities in North America, Europe, Asia and Australia.
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