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PeopLoungers files for Chapter 11 protection

Motion upholstery producer owes top unsecured creditors $5.7 million

By Furniture Today Staff -- Furniture Today, May 15, 2007

ABERDEEN, Miss. — Motion upholstery producer PeopLoungers filed for Chapter 11 bankruptcy protection Tuesday.

The company, which is based in Nettleton, Miss., said it owed more than $5.7 million to its 20 largest unsecured creditors.

According to documents filed in U.S. Bankruptcy Court here, Hickory Springs is the largest unsecured creditor at $1.97 million. The next two largest are Chinese furniture companies, Haining Mengnu Group and Haining Jinzheng Furniture, which are owed $1.1 million and $658,127, respectively.

Other industry suppliers on the creditors list include mechanism producer Omega, which is owed $393,210; foam producer Foamex, $256,794; and components supplier Leggett & Platt, $122,888.

Also on the list are three fabric producers. Culp Inc. is owed $86,584, while Global Textiles is owed $62,633 and Hanes Converting is owed $40,682.

In its bankruptcy petition, PeopLoungers said it believes there will be funds available for distribution to unsecured creditors.

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