Gulistan Carpet Files for Chapter 11 Protection
Aberdeen, NC, Jan. 7, 2013 -– Gulistan Carpet said it filed a voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of North Carolina.
The company said the action is intended to enable Gulistan to investigate options to sell the business to a third party or to execute an orderly wind down of its operations.
Bank of America has agreed to provide a debtor-in-possession credit facility to the company to enhance liquidity and provide working capital.
Gulistan said it believes that it has sufficient liquidity to operate its business during Chapter 11 and to continue the flow of goods and services to its customers.