Waiting for the word
Published Monday, July 27, 2009
A Delaware bankruptcy judge will decide the fate of Meadowcraft Inc. at 2 p.m. today in a court hearing. Prospective buyers turned in their bids for the company's assets. The judge is scheduled to decide on the winner also accepted by the banks Monday afternoon. Wells Fargo bank out of San Francisco and two other creditors forced Meadowcraft into bankruptcy by filing a petition for involuntary Chapter 11 bankruptcy in March. The three banks claimed Medowcraft owed them about $64 million. About 500 people work at the umbrella and cushion plant in Selma during the season. However, Meadowcraft in Selma is on its seasonal slowdown, so only 75 workers are on staff presently. Meadowcraft also has plants in Birmingham and Wadley.
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selma locaation bought
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Wisconsin company buys Alabama cushion factory
Associated Press - July 28, 2009 12:24 PM ET
SELMA, Ala. (AP) - Home Casual of Fitchburg, Wis., has agreed to purchase the Plantation Patterns manufacturing plant in Selma.
Meadowcraft Inc. of Birmingham, the plant's parent company, was forced into bankruptcy by its creditors in March. A bankruptcy court in Delaware allowed the sale of the Selma plant Monday.
The plant has employed about 700 people making cushions and umbrellas for patio furniture. A spokesman for the plant's union, John Whitaker, said Home Casual hopes to resume operations next week.
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