HARTLAND (AP) – Irving Tanning Co. announced Friday it has filed for Chapter 11 bankruptcy relief to deal with a liquidity crisis arising from a sudden loss of working capital.
The 80-year-old leather manufacturer, with a work force of about 250, said the filing is designed to provide time to complete discussions with an investor group seeking to acquire the company, provide new capital and continue its operations.
Irving said that Gov. John Baldacci and the Finance Authority of Maine have been supporting the company’s efforts to preserve its business while it seeks a buyer or new financing.
Irving, which has annual sales of $65 million, filed its petition in U.S. Bankruptcy Court in Bangor.
AP-ES-03-18-05 1915EST
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