Knight-Celotex, the world’s largest fiberboard manufacturer, today announced that it has been granted interim authority from the Bankruptcy Court to utilize its cash collateral to continue to fund the business.
The Company will pay suppliers for all post-petition goods and services in the normal course of business. The Bankruptcy Court also approved the Company's motions to continue to pay and honor all employee wage and benefit programs.
“Customers, employees and vendors can rest assured that we are dedicated to them and have the capital to stand by our commitments,” said James Knight, CEO, Knight-Celotex.
“We have reached our first milestone in this process and these approvals reinforce the value of Knight-Celotex to our communities and our viability going forward. I am grateful to the court for its vision and support,” continued Knight.
Knight-Celotex has retained the Chicago lawfirm of Crane, Heyman, Simon, Welch & Clar for counsel during this process, and all vendor communications should be direct to them at (312) 641-6777.
About Knight-Celotex
Headquartered in Northfield, IL, Knight-Celotex is the largest fiberboard manufacturer in the world and the only US fiberboard manufacturer that both manufactures and ships products nationally within the United States. Knight-Celotex is privately owned by Knight Industries, LLC and has operations in Lisbon Falls, ME; Sunbury, PA; and Danville, VA.
Contacts:
for Knight-Celotex
Laura Peet, 917-860-6285
lbptalk@aol.com
