IG Design Group Americas Files for Bankruptcy in Texas (1)

IG Design Group Americas Inc. says it has voluntarily filed for Chapter 11 in the US Bankruptcy Court for the Southern District of Texas to facilitate a court-supervised marketing and sale process, according to a company statement.

• Intends to engage with buyers who are interested in purchasing certain of its business segments as a going concern
  • Also winding down its domestically manufactured woven ribbon products business and supporting assets
• Gets an agreement for ~$53 million in committed financing from an affiliate of Hilco
• DGA’s non-US affiliates are not part of the Chapter 11 cases and will continue to operate
• Separately, ...