T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, January 6, 2018, Vol. 22, No. 5
ICPW LIQUIDATION: Net Loss Widens to $1.38 Million in October
ICPW LIQUIDATION: Net Loss Widens to $1.38 Million in October
ICPW Liquidation Corporation formerly known as Ironclad Performance
Wear Corporation on December 6, 2017, filed with the U.S.
Securities and Exchange Commission a monthly operating report for
The Debtor reflected a net loss of $1.38 million on $1.01 million
of revenue for the month, an increase from $534,993 net loss
reported for September.
The Debtor posted $14.43 million in total assets, $11.44 million in
total liabilities, and $3.00 million in total shareholders' equity
as of October 31, 2017.
At the beginning of the month, the Debtor had $813,350 beginning
cash balance. It listed total receipts of $1,190,976 and total
disbursements of $1,735,300. Thus, the Debtors ended the month
with $269,026 cash.
A copy of the monthly operating report is available at:
About Ironclad Performance Wear
Ironclad Performance Wear Corporation designs and manufactures
branded performance work wear for a variety of construction,
do-it-yourself, industrial, sporting goods and general services
markets. Since inception, the company has leveraged its
proprietary technologies to design task-specific technical gloves
and performance apparel designed to improve the wearer's ability to
perform specific job functions.
Ironclad's gloves are available through industrial suppliers,
hardware stores, home centers, lumber yards, and sporting goods
retailers nationwide; and through authorized distributors in North
America, Europe, Australia, Middle East, Asia and South America.
Ironclad Performance Wear Corp, a California corporation and
Ironclad Performance Wear Corp, a Nevada corporation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case Nos. 17-12408 and 17-12409) on Sept. 8, 2017. Geoffrey
L. Greulich, chief executive officer, signed the petitions. The
cases are jointly administered and are assigned to Judge Martin R.
Ironclad California estimated assets of $10 million to $50 million
and liabilities of $1 million to $10 million. In its schedules,
Ironclad Nevada disclosed $16.6 million in assets and $8.05 million
Levene, Neale, Bender, Yoo & Brill L.L.P serves as counsel to the
Debtor. Craig-Hallum Capital Group LLC is the Debtor's financial
On Sept. 22, 2017, the U.S. Trustee appointed an official committee
of unsecured creditors in the Debtors' cases. The committee hired
Brown Rudnick LLP as its legal counsel; and Province Inc. as
An Official Committee of Equity Security Holders also has been
established in the case. The equity panel retained Dentons US LLP
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