5/20/2014 12:01:00 AM
HEADLINES
A New York company that manufactured fasteners for the airplane that Charles Lindbergh flew solo across the Atlantic has filed for Chapter 11 bankruptcy protection, Newsday reports.
John Hassall Inc. (JHI) could lay off all 83 employees by Aug. 10, the company stated in a regulatory filing.
JHI has suffered “declining revenue as a result of the general downturn” in the industries it serves and the overall economy, and its sales during the first quarter were lower than expected, according to Newsday information attributed to CEO Theodore B. Smith III.
The company has assets of $8.5 million and liabilities of nearly $5.5 million, according to an affidavit filed by Smith.
JHI reported tried to sell its business in 2013 but reportedly was unable to find a buyer. The company is seeking bankruptcy protection so it could resume its search for a buyer, Smith wrote.
“It has 55 union employees, whose contract expired in 2011,” writes Maura McDermott of Newsday. “Contract negotiations ended in an impasse, and the company imposed new terms in 2012, Smith wrote.”
Smith has been chairman and CEO of JHI since 2004. From 1997 to 2004, he served as JHI president after working for the company in various positions in manufacturing and sales.
Smith is also co-founder and managing partner of Canrock Ventures, a Long Island-based Internet software investment fund firm.
The company’s financial consultant published a report stating JHI has enough financing to continue operations, and it hopes to emerge intact from Chapter 11.
Founded in New York City in 1850, JHI is a privately held company.
“From the rivets on Charles Lindbergh’s Spirit of St. Louis, to safety critical high strength bolts in modern jet engines, to parts that make today’s automobiles safer, JHI continues to play a critical role in advancing technology,” the company states on its website.
Westbury, NY-based JHI supplies bolts, screws, pins, rivets, nuts and other products to the aerospace, defense, automotive, commercial, marine and medical industries.
For more on JHI explore the Fastener History section of GlobalFastenerNews.com.
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