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Non-Tech : FTL- Fruit of the Loom
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To: JLIHAI who wrote (76)3/19/2000 7:58:00 AM
From: Arthur Tang  Read Replies (1) of 161
 
Bankruptcy codes are only a few pages. All they do is mostly traditional practices. Cash is king. Bankruptcy lawyers run down the money and the business is chapter 7. If they should do a cram down and have enough cash to survive after reorganization; the company will have a new balance sheet. Write down or creative balance sheet happens at the approval of the reorganization.

It may be another year before reorganization is possible; unless FTL start new product design that will garner many letter of credits. Back to back letter of credits will finance them out of bankruptcy whole. As it is, their customers buy distressed merchandise at as low a cost as possible. New designs can bring bigger money.

I am not yet a stockholder, so the solution for the management will not come forth until they act out all their plans first. I am on the watch, though.
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