U.S. Cardinal Fastener Files for Chapter 11 Protection

U.S. fastener manufacturer Cardinal Fastener & Specialty Co. filed the application for bankruptcy at the bankruptcy court of Cleveland on 6/30. This shocked many professionals in the industry, as they thought Cardinal was doing very well. After U.S. President Barack Obama visited Cardinal's factory in 2009, the industry commonly thought that Cardinal was growing steadily and was one of the beneficiaries due to the investment and development of wind energy. In the filing, Cardinal states that its assets are estimated to be between US$ 1million to 10 million and the liabilities are within the same range. Before the filing, there has been signs when President John Grabner of Cardinal said "the imports were hurting American manufacturers involved in wind energy. "