ASC Inc. of Southgate, MI, reportedly files for Chapter 11 protection in U.S. bankruptcy Court in Detroit following two years of downsizing. The company, which currently has about 252 employees and three manufacturing centers in Michigan, Kentucky and California, also agrees to be acquired by Los Angeles-based private equity firm Hancock Park Associates, The Detroit News says. Pre-petition debts of $9.8 million, including a $1.4 million standby line of credit, are on ASC’s balance sheet, as ...
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