Johnston Industries Inc. Files Chapter 11
February 4, 2003
Columbus, Ga. - On January 31, 2003, Johnston Industries and all of its subsidiaries voluntarily filed Chapter 11.
''Despite our best efforts to stabilize revenue, reduce costs and maximize cash flow, the downturn in the manufacturing economy combined with financial issues has necessitated decisive action,'' said L. Gene Cone, president and CEO. ''We intend to use the Chapter 11 process to restructure our business.''
The company said that it is open and conducting business. It also said it expects to meet all of its post-petitiion supplier obligations, including payment of invoices for goods and services sold to the company and all of its subsidiaries.
In the meantime, Johnston has ramped up the search for additional funding. F&FI
''Despite our best efforts to stabilize revenue, reduce costs and maximize cash flow, the downturn in the manufacturing economy combined with financial issues has necessitated decisive action,'' said L. Gene Cone, president and CEO. ''We intend to use the Chapter 11 process to restructure our business.''
The company said that it is open and conducting business. It also said it expects to meet all of its post-petitiion supplier obligations, including payment of invoices for goods and services sold to the company and all of its subsidiaries.
In the meantime, Johnston has ramped up the search for additional funding. F&FI