Flooding, Financial Crunch Push Norwood Into Ch. 11

Law360 (May 6, 2009, 12:00 AM EDT) -- Norwood Promotional Products Holdings Inc. has filed for Chapter 11 bankruptcy, citing its inability to pay off creditors after being hit by a devastating combination of general financial decline and losses from a July 2008 flood that closed one of the company's most profitable factories.

The Indianapolis-based company filed its petition in the U.S. Bankruptcy Court in Delaware on Tuesday, saying that it hoped to continue operating during bankruptcy proceedings and complete a swift sale of its operations through the court, with a $132.5 million stalking...
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