Coating Co. NCoat Enters Ch. 11 With $900M In Debt

Law360, New York (August 16, 2010, 4:32 PM EDT) -- High-performance coating company nCoat Inc. and three affiliates filed for Chapter 11 bankruptcy Monday, asking the court to clear the way for the company to sell most of its assets to a private equity firm for $1 million.

The firm, California-based Fort Ashford Funds LLC, previously loaned nCoat $142,000 and had agreed to put up an additional $200,000 in post-petition financing, according to court documents filed in the U.S. District Court for the Middle District of North Carolina.

NCoat listed assets of about $1.4 million and...
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