Retailer Global Home Products Loses $60.5M, Files Ch. 11

Law360 (April 11, 2006, 12:00 AM EDT) -- Rising costs and an increase in overseas competition have driven housewares maker Global Home Products Inc. into Chapter 11 bankruptcy protection, the company's Chief Financial Officer said Tuesday.

The company and three of its operating units, including glassware maker Anchor Hocking, bakeware company WearEver, and picture frame maker the Burnes Group, filed for bankruptcy in Delaware, listing net losses of $60.5 million and revenue of $452.8 million for the 11 months ending March 31.

The loss caused Global Home to default on a loan from Wachovia Bank, its primary lender. The company owes Wachovia about $115 million, and also owes lender...

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