Manufacturing Industry
The Singer Co. N.V
Bobbin, Oct, 1999
The Singer Co. N.V., a manufacturer and distributor of consumer and industrial sewing machines, announced in mid September that it filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing includes most of the company's U.S. subsidiaries, as well as the holding companies for Singer's foreign businesses. Additionally, in separate early September actions, Singer's subsidiary G.M. Pfaff AG filed for protection under the German Insolvency Code, and SemiTech Corp., which owns approximately 50 percent of Singer's common stock, filed for Chapter 11 protection along with two of its subsidiaries.
Singer indicated in a press statement that in addition to adverse global market conditions, the figure was precipitated primarily by a lack of liquidity resulting from the company's December 1997 acquisition of Pfaff and the need to financially support that subsidiary. Additionally, the company made a $50 million deposit for the acquisition of certain assets of a Russian sewing machine parts company, a substantial portion of which is yet to be recovered.
The company's operations will continue without interruption during the restructuring.
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