FALL RIVER, MA –Quaker Fabric Corp., which supplies upholstered fabrics to furniture markets in the United States and abroad, has determined that it has not met the requirements for committed borrowings under its existing lending agreements. Because of this, any advances to the company by its revolving lenders will only occur on a discretionary basis.
Additionally, the company announced that it plans to conduct an orderly liquidation of its business and a sale of its assets. The company said it is actively looking into sources of alternative liquidity, including debt, equity or a combination of debt and equity financing. Quaker Fabric said it is uncertain as to whether it will be able to obtain sufficient liquidity to continue its operations after its annual two-week shutdown period. Read more.
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