Furniture Today
\nHires financial consultant<\/p>\n
FALL RIVER, Mass. — Major upholstery fabric supplier Quaker Fabric has hired a financial consultant and reached an agreement with lenders to avoid defaulting on loans. The company said it continues to operate normally.<\/p>\n
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Meanwhile, Mark Hellwig, vice president of supply chain management, and Norman Sturdevant, vice president and chief information officer, have left the company.<\/p>\n
James Dulude, vice president of manufacturing, and Duncan Whitehead, vice president of research and development, have assumed Hellwig\u00e2\u20ac\u2122s responsibilities. Paul Kelly, vice president of finance and chief financial officer, has assumed Sturdevant\u00e2\u20ac\u2122s duties, Quaker said.
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\nEarlier, Quaker requested more time to file its annual 10-K report with the U.S. Securities and Exchange Commission, and said its accountant was likely to express \u00e2\u20ac\u0153a substantial doubt as to the company\u00e2\u20ac\u2122s ability to continue as a going concern.\u00e2\u20ac\u009d<\/p>\n
President and CEO Larry Liebenow said the delay in filing was needed so Quaker could work with lenders on the terms of its senior secured credit facility.<\/p>\n
\u00e2\u20ac\u0153I am pleased to report that we have reached agreement with our lenders on a waiver of specified defaults and certain other changes to our loan documents,\u00e2\u20ac\u009d he said. \u00e2\u20ac\u0153With this waiver and amendment in place, we are no longer in default under the terms of our loan documents. We believe that this waiver and amendment provides the time and financing for the company to continue its restructuring initiatives.\u00e2\u20ac\u009d<\/p>\n
Quaker, with about $225 million in annual volume, expects to report a net loss of about $26.3 million for fiscal 2012, compared with a net loss of $2 million the year before. It has sold a vacant plant here for $1.4 million and signed partnership agreements with fabric sources in China and Korea.<\/p>\n
The company is a leading maker of woven upholstery fabrics for furniture markets in the United States and abroad.<\/p>\n","protected":false},"excerpt":{"rendered":"
Furniture Today Hires financial consultant FALL RIVER, Mass. — Major upholstery fabric supplier Quaker Fabric has hired a financial consultant and reached an agreement with lenders to avoid defaulting on loans. The company said it continues to operate normally. Meanwhile, Mark Hellwig, vice president of supply chain management, and Norman Sturdevant, vice president and chief […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-353","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=353"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/353\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}