Hampton Capital Partners, LLC, dba Gulistan Carpet (“Gulistan”), announced that it filed a voluntary petition for Chapter 11 business reorganization in the U.S. Bankruptcy Court for the Middle District of North Carolina. The business reorganization is intended to enable Gulistan to investigate options to sell the business to a third party or to execute an orderly wind down of its operations.
Bank of America has agreed to provide a debtor-in-possession credit facility to the company to enhance liquidity and provide working capital. The credit facility is subject to court approval and other conditions precedent. Gulistan believes that it has sufficient liquidity to operate its business during Chapter 11 and to continue the flow of goods and services to its customers in the ordinary course.