John Hassall Files for Chapter 11 Bankruptcy Protection

Having started its business for 157 years, John Hassall Inc., a company supplying custom-made metal parts and fasteners mainly for automotive, aerospace, national defense industries, currently announced that it has filed for bankruptcy protection due to declining revenue caused by the general downturn in the market and the lower-than-expected result of the first quarter. Employees of John Hassall has been also notified that the company may be closed in July (note: according to the Worker Adjustment and Retraining Notification Act required by the local state, any company planning to lay off its employees has to deliver the notification 90 days before the actual implementation for closing or lay-off). The current balance sheet of Hassall shows that it has the assets worth USD8.5 million and the liabilities of roughly USD5.5 million.