In re TI Acquisition LLC, 08-42370 (N.D. Ga. filed July 28, 2008). The debtor, which does business as Templeton Hospitality Carpet, has filed a Motion to Sell substantially all of its assets to Milliken & Company.
Bloomberg picked up on the filing –
TI Acquisition LLC, a manufacturer of carpeting and textiles, sought bankruptcy protection from creditors without giving a reason.
The company, based in Dalton, Georgia, listed debt of $55.7 million and assets of $42.3 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Rome, Georgia. TI didn’t provide an affidavit explaining events leading up to bankruptcy.
TI Acquisition operates as Thomas Industries LLC, Mattel Carpet & Rug, Templeton Carpet Mills, Superior Yarn Technology and Monticello Floors. Thomas Industries was formed by private- equity sponsor JD Ford Holdings Co. and co-investors led by FR Private Equities LLC and Jerry Thomas, chief executive of the Mattel Group, to acquire Superior Yarn and Mattel Carpet.
The 20 largest creditors without collateral backing their claims are owed a total of $10.8 million, court papers show. It listed its largest unsecured creditors as Honeywell Nylon LLC, owed $3.2 million; Southern Polymer Inc., owed $1.3 million; and Domo, owed $1.1 million. Bank of America NA, the largest secured claimholder, is owed a total of $28.6 million.