| Photocircuits Files Chapter 11 |
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| Written by Mike Buetow | |||
| Friday, 14 October 2005 16:17 | |||
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GLEN COVE, NY -- Photocircuits Corp., once the largest
independent manufacturer of
printed circuit boards in North America, has filed for Chapter 11
bankruptcy. The filing involves only the company’s U.S. operations
and does not affect its Costa Rica or Philippine operations.
The company is seeking a new long-term equity investor. The company, which in the 1990s grew 15 to 20% per year, topping out at about $400 million in revenues, has fallen considerably since. The company had sales of $220 million in 2004, according to Dr. Hayao Nakahara, a PCD&M consulting editor who compiles the NTI 100 list of the largest baord shops. Earlier this year, it consolidated its North American operations from three facilities to one. Two of the company's three principal owners were supplanted, and RIck McNamee, the former head of Continental Circuits, was brought in to manage the firm. Stairway Capital Advisors, the company's senior lender, is providing debtor-in-possession financing as part of the reorganization. In a statement, Photocircuits said it will maintain its prototype and military production in the U.S, while building its China-based operations.
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