Beaulieu Group LLC (Dalton, Ga.) filed for chapter 11 bankruptcy July 17 to restructure its balance sheet.
The company’s existing lenders agreed to provide debtor-in-possession financing that will be combined with cash from Beaulieu’s operations to ensure the business continues to operate, the company said in a statement.
“Beaulieu family members and our board of managers believe pursuing a restructuring through chapter 11 is the best path forward at this time,” said Michael Pollard, president of Beaulieu Group LLC, in a statement. “We have evaluated alternatives to address Beaulieu’s capital structure, and believe that restructuring through the chapter 11 process will best position all of Beaulieu Group LLC’s businesses for future success.”
