Privately-held Beaulieu Group and two of its subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Georgia, lead case number 17-41677.
The Company, which manufactures and distributes carpet, engineered hardwood, laminate and luxury vinyl products, is represented by J. Robert Williamson of Scroggins & Williamson. The Company’s existing lenders have agreed to continue to support the company by providing debtor-in-possession financing that will be combined with its cash from operations to ensure and support continued business operations.
Michael Pollard, president of Beaulieu Group, comments, “We have evaluated alternatives to address Beaulieu’s capital structure, and believe that restructuring through the chapter 11 process will best position all of Beaulieu Group LLC’s businesses for future success. This is a necessary process as we continue to execute our long-term strategic plans for the business. Our business model has changed with the industry and our client base since our current capital structure was put into place. This restructuring will allow us to invest in the business going forward and emerge a stronger organization.”
Beaulieu Group’s Chapter 11 petition indicates assets greater than $100 million.
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