Rockford Products Seeks Liquidation
Rockford Products Seeks Liquidation
Jason Sandefur
Rockford Products Corp. asked the bankruptcy court to convert its Chapter 11 case to a Chapter 7 liquidation following the sale of most of its assets, the Associated Press reports.
Rockford Products reportedly ran out of funds after its bankruptcy financing expired in November. Proceeds from sales of its assets were used to pay down debt. The company reportedly has more than $11 million outstanding with its top 20 unsecured creditors, and a total of 900 creditors are owed undisclosed sums, court records state.
Michigan buyout firm BlackEagle Partners bought Rockford Products cold formed division for about $23.2 million in November and installed new management. The division manufactures ball studs, brackets and specially engineered bolts for the automotive industry.
Rockford Products sold its retail fastener and auto parts line to Dorman Products affiliate RB Distribution for $3.4 million in August. And Field Fastener paid about $300,000 for its OEM distribution operation.
Slow automotive products sales and rising pension costs forced Rockford Products to file for Chapter 11 bankruptcy protection on July 25. The company, which was founded in 1929 as Rockford Screw Products, reported 2006 sales of $101 million. Web: rockfordproducts.com �2007/2008 FastenerNews.com
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