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wiredInUSA - June 2014
10
A company that made fasteners for the
airplane that Charles Lindbergh flew solo
across the Atlantic has filed for Chapter
11 bankruptcy protection and notified
employees that it could close by July. John
Hassall Inc could lay off all 83 employees, the
company said in a regulatory filing.
According to the notice, the potential closure
is due to economic factors.
In a published report Richard Bennett, a
financial consultant for Hassall, said the
company has enough financing to continue
operations, and it hopes to emerge intact
from the bankruptcy proceedings.
Hassall makes custom designed metal parts
and fasteners for the aerospace, automotive
and defense industries. The 157-year-old
company says its products have ranged from
metal parts on Lindbergh’s Spirit of St Louis, to
high-strength bolts for modern jet engines.
The company has suffered ‘declining
revenue as a result of the general downturn’
in the industries it serves and the economy as
a whole, and its sales during the first quarter
were lower than expected, president and
chief executive Theodore B Smith III wrote in
a court affidavit.
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10
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May
1927
Lindbergh’s fastener supplier files
for bankruptcy
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