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Martin Color-Fi files for bankruptcy protection
Edgefield based synthetic fiber maker Martin Color-Fi has filed for Chapter 11 to reorganize away from creditors. Chairman James F. Martin says the plan focuses on core colored polyester fiber, with carpet and yarn units up for sale and about 40 of roughly 900 workers may lose jobs. The firm, once valued near 6.25, has fallen toward sub dollar levels as it battles Asian competition and a $60 million loan default with NationsBank.
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Martin Color Fi
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