Court Appoints Receiver to Liquidate Assets of Lanscot-Arlen

A Georgia court has appointed a receiver on May 28 to liquidate the assets of Lanscot-Arlen, the New York-based converter of fabrics for apparel, textile and hospitality applications. Congress Financial Corporation, an asset-based lender headquartered in New York that backed Lanscot-Arlen's management-led buyout two years ago, filed a complaint about Lanscot-Arlen that lead to the court-ordered appointment. Congress Financial, which...