Buchalter Insolvency & Financial Group has successfully represented Ashford Textiles in the purchase of insolvent textile maker Northwest Co., after a New York bankruptcy judge approved the $24M offer in favor of Ashford. After an initial offer from Cathay Home Inc., Ashford submitted a higher bid along with a larger assumption of contractual costs to creditors. Ashford was represented by Buchalter Shareholders Bernard D. Bollinger Jr., and Paul S. Arrow along with Tracy L. Klestadt of Klestadt, Winters, Jureller, Southard & Stevens LLP.
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