Breaking News

Foss Continues Operations, Despite Troubles

December 1, 2005

Executives from beleagured Foss Manufacturing Company have testified that sales and revenue collections have been strong since the Hampton, NH-based needlepunch manufacturer filed for bankruptcy protection in September.  According to a report filed by The Union Leader of New Hampshire, Foss CFO Glenn Brack testified in the U.S. trustees office that vendors have been “very responsive,” and there has been “no meaningful interruption in sales” since the Chapter 11 filing.

When asked how long the company could keep operating without new cash, Patrick O’Malley, who was hired by the bankruptcy court to run the company during the pendency of the bankruptcy, was instructed by his attorney not to answer the question.
The Hampton-based company with 375 employees entered bankruptcy protection after its chief lender CapitalSource tightened its cash flow amidst allegations that millions of dollars had been borrowed fraudulently.

According court filings, CapitalSource’s claim on Foss is $30 miilion. The company has $53.4 million in liabilities and $49.8 million in assets.

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