Keystone Camera Makes Bankruptcy Filing: The Clifton,...
From Times Staff and Wire Reports
Keystone Camera Makes Bankruptcy Filing: The Clifton, N.J., maker of low-priced cameras, which has struggled against foreign competition, filed for Chapter 11 protection. The only U.S. producer of 35-millimeter and 110 cameras is $34 million in debt. It owes $4.5 million to its largest creditor, a group headed by Congress Financial Corp. Keystone filed for bankruptcy because a member of the group, United Jersey Bank, refused to extend it additional credit. The firm said despite its financial difficulties, it sold 17% more cameras in 1990 than in 1989 and could have achieved higher gains if it had had more working capital.
