Quaker Fabric (QFAB) Files Chapter 11
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Quaker Fabric (OTC: QFAB) announced today that it and its wholly owned subsidiary, Quaker Fabric Corporation of Fall River, have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Quaker's affiliates outside the United States were not included in the Chapter 11 filing.
In addition, the Company has reached an agreement for up to $1,650,000 in new debtor-in-possession (DIP) financing. Upon Court approval, this DIP financing will provide sufficient funding during the Chapter 11 process.
The Company commenced its annual two-week planned shutdown on June 29, 2007 and did not have the financing needed to resume operations on July 16, which would otherwise have marked the end of the shutdown period. On July 2, the employment relationships of substantially all of the Company's 930 employees were terminated.
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