Turnaround Failure Sends Fairchild Into Ch. 11

Law360, New York (March 19, 2009, 12:00 AM EDT) -- The Fairchild Corp., which does business in aerospace, motorcycle apparel and real estate, has filed for voluntary Chapter 11 bankruptcy, blaming a failed turnaround attempt and falling demand for its products.

The company has $229 million in debts and $89 million in assets, and between 5,000 and 10,000 creditors, according to its bankruptcy petition, which it filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

Although some of its business units have remained profitable even through 2008, the company as a whole has...
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