OTTUMWA, IOWA -- On Wednesday afternoon, a bankruptcy court in Des Moines gave a lifeline to a Fairfield company that is so important to the community.
Harper Brush Works filed for bankruptcy earlier this year; and currently the company is working with the courts to keep their operations running.
A judge stated on Wednesday that the company can continue operations, but on a cash flow basis.
“We really view this as probably the best case scenario that could have happened to us as a community and the company. What we are going to be doing, is an investment banker is being brought in by the company to put together an offering memorandum, to be able to put out to potential investors,” said Tracy Vance of the Fairfield Economic Development Association.
Vance told KTVO that the investors could be another company that could possible purchase Harper Brush Works, or a group of local investors from the Heartland or elsewhere.
Vance did agree that it is in the best interest of Fairfield and the region to keep the company open and to keep those jobs in southeast Iowa.
Previous articles relating to this topic:
State lawmaker talks about pending bankruptcy case
Future of local company to be determined by bankruptcy court
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