Home / Knowledge / News / Apparel/Garments / Scovill Fasteners agrees to sell assets through bankruptcy
Scovill Fasteners agrees to sell assets through bankruptcy
26
Apr '11
Scovill Fasteners Inc, a leading manufacturer of engineered closure products that have wide use in global apparel and industrial market segments, announced that it is pursuing a sale of substantially all of its operations and has filed for bankruptcy to facilitate the sale. Any transaction will be subject to bankruptcy court approval.

Global SFI Holdings, LLC, with private equity backing, has agreed to serve as a “stalking horse” purchaser for the sale process. If approval is received from the bankruptcy court, Scovill expects the sale of assets to be completed in June 2011. While in bankruptcy, Scovill will operate in the usual manner, and no restructuring of its operations is planned. Carl Marks Advisory Group LLC is acting as financial advisor to Scovill, and Alston & Bird LLP is legal counsel to the Company.

Subject to court approval, Scovill's existing senior lenders have agreed to provide “debtor-in-possession” financing until the sale is completed.

Stewart Little, President and CEO of Scovill, said “After a substantial process of seeking strategic solutions to our debt burden, an asset sale through bankruptcy has proven to be the best course. The purchase agreement contemplates continuation of our business and offers of employment to all of our employees. The debtor-in-possession financing will permit us to provide, during bankruptcy, the high level of quality and service that our worldwide apparel and DOT customers expect.”

Scovill Fasteners Inc founded in Waterbury, CT in 1802, is a manufacturer of engineered closure products that have wide use in global apparel and industrial market segments. The Company's brand portfolio includes products that have high brand recognition in the many markets that it serves. Included in the portfolio are Gripper, Duramark, DOT, Pull-The-DOT, Lift-The-DOT, Common-Sense and DOT Durable™. Scovill products are found on a wide range of applications, including jeanswear, infants and children's wear, sporting goods, medical devices and safety equipment.

Scovill Fasteners Inc

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search