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    Sunday, November 15, 2009

    Champion Enterprises Files For Bankruptcy

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    By Michael Kitchen
    MarketWatch Pulse
       

      LOS ANGELES -- Champion Enterprises Inc. said Sunday it and its domestic operating subsidiaries have filed petitions for reorganization under Chapter 11 bankruptcy. Champion also said it has obtained a $40 million debtor-in-possession credit facility from some of its current lenders that will be available to fund post-petition operating expenses and to ensure that it meets obligations to employees, customers, and trade partners. The firm, which makes factory-built housing, said it made the move "to improve its capital structure and further strengthen its competitive position." The filing won't include Champion's operations in the U.K. and Canada.

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