September 22, 2009

John Lane of Inglewood appointed Receiver for the assets of Arrow Machine Company, Ltd.

Arrow Machine is a $15 million revenue manufacturer of screw machine, HydroMat and CNC parts for the automotive and other industries.  After the loss of a major customer, the company was unable to adequately cut costs or increase revenues to compensate for the loss of that customer and ultimately agreed to be placed under receivership.  Under the receivership order, Inglewood is to take complete control over the assets and operations of the business.  Inglewood will operate the business until such time as a buyer for the business can be found.