Harper Brush Works says it will sweep away losing product lines under bankruptcy laws
Harper Brush Works Inc. of Fairfield is attempting to reorganize its finances under federal bankruptcy laws. As a part of the restructuring, the 112-year-old company is negotiating a new line of credit to provide ample funds for working capital, while arranging new long-term investment and financing opportunities. In addition to restructuring its balance sheet, the company’s objectives will be to maximize the revenue streams from its most popular products while eliminating the production of other, less profitable items, according to a news release. The filing listed assets and liabilities of approximately $10 million. The Chapter 11 petition was filed May 29 in U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines.