Burke files for bankruptcy
Economic downturn and rapidly increasing cost of utilities, insurance, certain raw materials and other overhead contributed to the company’s decision. Burke filed for bankruptcy to secure additional operating liquidity and financing, stabilize the company's financial condition, and maintain sufficient flexibility to restructure its debt.
The company has secured a commitment for debtor-in-possession financing from Bank of America, subject to court approval. The company believes that the financing package will provide funding to maintain normal business relationships with its vendors and continue uninterrupted supply of products to its customers.