Cardinal Fastener & Specialty Co., the Bedford Heights bolt-maker that became a supplier to the U.S. and European wind turbine industry in 2007, filed for Chapter 11 bankruptcy Thursday and suspended operations.
Company president John Grabner, in an emailed statement, said the voluntary filing was necessary “largely as a result of an impasse in negotiations with Wells Fargo, our primary lender, regarding working capital financing.”
He said the company continues is strong growth in revenue and remains profitable on an operating level.
“We have been working with our lenders to secure more flexible working capital arrangements for some time and would certainly have preferred to keep this out of the courts, but this action ultimately provided an appropriate forum to restructure …
Source : Chinafastener.info – Read the full Article via Cardinal Fastener files for Chapter 11 bankruptcy protection from creditors.