Alliance Northwest Industries' principal subsidiary files Chapter 11.SEATTLE--(BUSINESS WIRE)--March 28, 1996--Alliance Northwest Industries Inc. announced today that its principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Seattle Lighting Fixture Co., filed a petition for reorganization under Chapter 11 of the US Bankruptcy Code Bankruptcy Code may refer to:
Jim Scarborough, president and chief executive officer of Seattle Lighting, attributed the filing to cash shortages stemming from a reduction in sales due to continued declines in housing starts in the Metropolitan King County area where the majority of the company's operations are centered. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. statistics published by the Master Builders Association of King and Snohomish Counties, the number of new single-family home permits in King County declined 29% in 1995 vs. 1994. Seattle Lighting was founded in 1917. Its 200 employees serve retail, builder-contractors, and commercial customers from six locations in the greater Puget Sound Puget Sound (py  `jĕt), arm of the Pacific Ocean, NW Wash., connected with the Pacific by Juan de Fuca Strait, entered through the Admiralty Inlet and extending in two arms c. area. Additionally Seattle Lighting operates
under the name Builders Lighting with stores in Vancouver, Wash.;
Gresham, Lake Oswego Lake Os·we·go A city of northwest Oregon, a residential suburb of Portland. Population: 35,800. and Salem, Ore., and Boise, Idaho. Seattle Lighting will continue its operations under current management as debtor in possession debtor in possession n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor and plans to emerge from Chapter 11 as quickly as possible as a stronger and more vibrant company. Alliance Northwest Industries, the parent of Seattle Lighting is also considering the filing of a bankruptcy petition and will make such a determination by April 15, 1996. CONTACT: Alliance Northwest Industries Inc. Jim Scarborough, 206/689-9444 |
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