FIELDS FILES FOR BANKRUPTCY; FIRM SPECIALIZING IN AIRCRAFT INTERIORS PLANS TO REORGANIZE.Byline: Jason Z. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Staff Writer Fields Aircraft Spares Inc. filed for Chapter 11 federal bankruptcy protection Wednesday, the latest in a series of setbacks for the once-growing company. Chief Executive Officer Alan Fields Alan Fields (born March 29, 1914) is a former Australian rules footballer who played with Fitzroy in the VFL during the 1940's. Fields was a defender and debuted in 1939, appearing for the club 19 times in his first two seasons before missing the 1941, 1942 and 1943 seasons. said he plans to meet face-to-face with customers and vendors, explaining his intention to stay in business and emerge from bankruptcy protection a stronger company. ``This gives us a financial breather so we can step back and make some changes,'' Fields said. Under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
The company, which specializes in production and installation of aircraft interiors, had structured its business plan based on an expectation of increasing profits and revenues, Fields said. ``We expanded expecting the growth to continue,'' he said. Instead, the company's financial troubles mounted over the past year due to a general slowdown in cosmetic maintenance by airlines, 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. Fields. The company contracted last month with a consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a specializing in keeping firms out of bankruptcy. But Fields was forced to halt trading in its stock last week on the Nasdaq stock exchange after the exchange said it needed more information to prepare for a scheduled delisting hearing. The hearing, scheduled for Dec. 2, will be held to determine whether Fields Aircraft meets Nasdaq's minimum net asset requirement for continued listing. Brian Aune, Fields' chief financial officer, said in a statement the company intends to use the protection from creditors to restructure its bank credit line and to get out of a long-term lease it signed on a plant in Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. that is too large for its scaled-back operation. Fields moved its manufacturing from the Simi Valley plant to a smaller one in Monrovia in September. The company also is working out a deal with its bond holders to swap the debt for an equity stake in the company, Fields said. The company, which has 90 employees, employed 245 at its peak. It reported a net loss for the first half of 1999 of $1.9 million, or 75 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on sales of $10.7 million. |
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