States Industries, Inc.
Tony Summers represented Eugene-based States Industries, Inc. as debtor-in-possession in a Chapter 11 case. For over 45 years, States Industries had been an industry leader in the design and manufacturing of natural wood veneered paneling and hardwood plywood panels, used in the manufacture of cabinets, furniture, store fixtures and architectural interiors. States supplied consumer and commercial manufactured wood products directly through retail home improvement stores and independent wholesale distributors throughout North America. When the housing downturn occurred, States’ revenues and profitability plummeted, leaving the company liquidity strained and unable to service its senior debt and trade payables.
Through Ball Janik LLP’s efforts, debtor-in-possession financing was negotiated, a Chapter 11 case was filed, sale procedures were arranged, and the assets were sold through a 363 sale - all in less than 90 days. Because the business was sold so quickly and as a going concern, one of Eugene's largest employers was able to continue operation and approximately 230 jobs were preserved.