16607 Tue, 07/21/2009 - 11:46am
WOODRIDGE, Ill.-Wilton Brands addressed recent reports of its financial situations with a statement saying that it is not in Chapter 11, nor has it or any of the operating companies that market and sell its products been petitioned into Chapter 11. In fact, the company is doing well, even in this economy, it said.
The statement explained that due to certain breaches of its loan convenants that have been previously disclosed, creditors of the parent company of Wilton Brands Inc. have filed an involuntary petition against that holding company, Wilton Holdings Inc. “While that company bears the Wilton name, the petition was not filed against any of the operating companies and does not affect their day-to-day operations,” the statement said. The company is working to resolve the matter.
In fact, Wilton Brands’ operating income is ahead of last year’s strong results, partially due to the achievement of our cost savings initiatives,” the statement said. “Wilton Brands Inc. will continue to conduct its business in the ordinary course and will continue to honor its obligations. We value our relationships with all of our customers and suppliers and look forward to continued growth together.”