Hampton Union, Tuesday, May 16, 2006
[The following article is courtesy of the Hampton Union and Seacoast Online.]
Now that Foss Manufacturing has been sold, it has a new name.
The Hampton-based company is now known as Felt Manufacturing.
The name change was part of the sale agreement, according to court documents.
A bankruptcy judge approved the sale of Foss Manufacturing last month to Foss Manufacturing LLC, a Nevada limited liability company at a price tag of $39 million.
According to court documents, the sale provides for continuation of the company, which manufactures nonwoven fabrics and synthetic fibers, and the continued employment of 355 workers.
It also clears up prior debts and liens.
According to the Nevada secretary of state's office, Foss Manufacturing LLC was created on March 27.
The limited liability company is owned by Foss Holdings, LLC, which is owned by the Alinian Capital Group LLC, a Delaware limited liability company.
Alinian is owned by A.J. Nassar, Frank Cougentakis, James Morrell and James Magruder.
According to court documents, the men have no connection with the previous owners or the trustee.
CapitalSource is providing Foss Manufacturing LLC with financing for the purchase of the company, which will continue to operate in Hampton.
The sale comes just seven months after the company filed for Chapter 11 bankruptcy protection.
Foss Manufacturing filed for bankruptcy last September after its chief lender, CapitalSource, cut off credit, alleging the company fraudulently borrowed millions of dollars to benefit itself and company insiders.