They really did it this time. No more of that temporary protection crap. Point Blank Solutions filed for Chapter 11 bankruptcy protection in Federal District Court in Wilmington Delaware on Wednesday citing the same reasons they asked for temporary protection last month. According to recently filed documents, they list assets of $63.9 million and debt of $68.5 million as of Feb. 28 so no word on the impact of the $20 million of Debtor-in-Possession (“DIP”) financing they had arranged for in April. A sizable portion of the debt is said to be tied to their former CEO so it has been difficult to find a buyer to get them back on track.

Tags: Point Blank Solutions

This entry was posted on Saturday, May 22nd, 2010 at 00:01 and is filed under Armor, Industry. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.