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February 7, 2005
Falcon Products Declares Bankruptcy
Falcon Products, a maker of furnishings for the foodservice industry and other sectors, filed for Chapter 11 bankruptcy protection at the end of last month.
Under its announced reorganization plan, the St. Louis-based firm will reduce its debt by approximately $145 million, and cut its annual cash interest expense by $17 million.
“ The restructuring will allow us to build a stronger company positioned so that we can effectively compete in the future. The results will be beneficial to our key constituencies, including our customers, vendors, employees and stakeholders,”according to Falcon CEO Frank Jacobs.
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