NOONOO FILES FOR REORGANIZATION
SECAUCUS, NJ -- Noonoo Rug Co. has filed a petition under Chapter 11 of the United States Bankruptcy Code, according to Gene Newman, president of the importing company.
Newman stated, "During the past few years various factors have adversely affected the company's operations. Recently, we have been in negotiations with our secured lender over the terms of our financing, and the Chapter 11 proceeding will offer us time to do that. While we anticipate this to be a temporary situation, we felt it prudent to file Chapter 11. The filing will enable us to sort out our financial affairs and to reorganize as an ongoing entity.€VbCrLf
Newman emphasized that Noonoo's customers and vendors will experience no changes. He stated, "We will continue to manage the company, import goods, and fulfill our customers' needs as we have done for many, many years.€VbCrLf We are always available to address your concerns.
In an unrelated issue, Newman stated, "I am aware of the concern expressed by my friends and associates in the industry as to my health. This concern is most gratifying and greatly appreciated. My doctors have advised me that various health issues are of no further consequence, for which I am thankful.€VbCrLf