Scovill Fasteners, Inc. will continue operations during court proceedings, according to published reports in several sources, including the Wall Street Journal. Scovill has claimed up to $500 million in liabilities with assets of up to $50 million dollars.
An affiliate of Global Equity Capital LLC is expected to buy out the company for $17 million as part of the reorganization. The agreement should ensure that the Clarkesville plant will continue day-to-day operations.
The company began in Connecticut in 1802, and is best known for making buttons for jeans and U.S. military uniforms.
http://accesswdun.com/article/2011/4/238171