Meriturn Partners to acquire Johnston Industries
October 8, 2003,
Columbus, GA — Johnston Industries, which filed a voluntary Chapter 11 reorganization this past January, reported today that it has signed a letter of intent from Meriturn Partners for the purchase of a substantial portion of its assets.
"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.
Meriturn Partners LLC is located in San Francisco and Raleigh/Durham, NC, and is an advisor and investor for middle-market restructurings and turnarounds.
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