Davis Walker Corp. Emerges From Chapter 11:...
From Times Staff and Wire Reports
Davis Walker Corp. Emerges From Chapter 11: The Irwindale maker of wire products has been acquired by Chicago industrialist Michael Heisley, who has renamed it Davis Wire Corp. Under the financial restructuring plan, $10.4 million in preferred stock was issued to Mitsui & Co. U.S.A., the company’s largest unsecured creditor, other unsecured creditors and former stockholders. Mitsui also took three seats on the board. The new financing package calls for the repayment of $53 million. Davis Wire, which employs about 600 in Irwindale, Hayward, Calif., and Kent, Wash., expects sales of $125 million this year.
