Norwood Promotional Products Blames Bankruptcy On Downturn

http://online.wsj.com/article/BT-CO-20090506-715112.html

Norwood Promotional Products Inc., which sells backpacks, golf balls and coffee cups emblazoned with corporate logos and advertising messages, sought Chapter 11 protection after the economic downturn slashed orders for its products and kept it from refinancing its debt.

The Indianapolis company, which claims to be the second-largest supplier of promotional products in the U.S., on Tuesday filed its Chapter 11 petition with the U.S. Bankruptcy Court in Wilmington, Del., with a deal in hand to sell its business.

They've agreed to sell their operations to Aurora Resurgence, a California-based investment firm.

http://www.ibtimes.com/prnews/20090509/top-supplier-norwood-promotional-products-files-for-chapter-11-bankruptcy.htm