Diorio Law

Bankruptcy judge approves sale of Microfibres assets to Turkish company

On January 29, 2016, Microfibres, Inc. of Pawtucket, Rhode Island, Winston-Salem (NC) and Tupelo (MS) filed a Chapter 7 bankruptcy, case number 1:16-bk-10154, in the United States Bankruptcy Court for the District of Rhode Island.

Joseph M. DiOrio, Esq., of Providence, Rhode Island, was appointed Trustee that same day. See notice of bankruptcy here.

The assets of Microfibres, Inc.  included: real estate located in Winston-Salem, North Carolina; Tupelo, Mississippi; and Pawtucket, Rhode Island; as well as  inventory including raw materials and finished goods inventory, intellectual property and equipment.

A U.S. Bankruptcy Court judge in 2017 approved a Turkish textile company buying the assets of defunct Microfibres Inc., including its plants in Winston-Salem.

Trustee Joseph DiOrio had valued the Microfibres assets at $7.46 million, of which $3.78 million is inventory, some of which could be sold in separate transactions. Also sold were 300,000 square feet of space on 10.2 acres in Pawtucket and a 31,000-square-foot warehouse in Lee County, Miss.

See full article in Winston-Salem Journal here.