Foreign competition was just one of O'Sullivan's problems when it filed for bankruptcy protection in October 2005. By that time, the founding O'Sullivan family was no longer in control, and the new management had moved its headquarters to the Atlanta area.
O'Sullivan entered bankruptcy with $100 million in debt. The court approved debtor-in-possession financing, and the company emerged in April 2006.
Business continued to decline, and by the fall, the senior note holders, GoldenTree Asset Management and Wachovia bank, were in control, Britton, the plant manager, said.
Sunday, April 22, 2007
News-Leader article explores decline and fall of O'Sullivan Industries
Lamar businesswoman Becky Maberry, O'Sullivan worker Donovan Taylor, and Lamar City Administrator Lynn Calton are among those interviewed in reporter Kathleen McLaughlin's account of the decline and fall of O'Sullivan Industries in today's Springfield News-Leader.