TSG Commences Chapter 11 to Restructure Finances

December 2, 2009

NORTH WALES, Pennsylvania - TSG Incorporated, innovators in fabric finishing, announced that it filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court on November 29th.

In order to maintain day-to-day business operations, the company chose to seek court protection while restructuring their financial operations. The Bankruptcy Code has specific regulations that allow the company to operate as a debtor-in-possession, with expectations to continue paying all benefits, wages, vendors, and any other services provided post petition.

Operationally, the company has enough cash on hand and is generating more than sufficient cash flow to meet all of its day-to-day obligations to customers, employees and suppliers,'' said Jeffrey Goldman, president and chief operating officer. ''The bankruptcy filing was necessitated by the maturity of certain of its loans,'' continued Goldman.

''Over the years, the company's customers have been very pleased with the quality of our services. We respectfully hope that they will now support us as we take a proactive measure to restructure our indebtedness.''

CEO for TSG is Jack Rosenstein, Goldman's partner, who confirmed the filing with F&FI after the company issued a press release to the public on Sunday, November 29th.


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