Financials And Legislation ... Martin Industries
February 2, 2003
Martin Industries, a manufacturer of home heating appliances and premium gas fireplaces, filed a voluntary petition for Chapter 11 bankruptcy. The filing is designed to allow Martin to continue operating while it attempts to reorganize its financial affairs. The company also signed an agreement with Monessen Hearth Systems Co. to sell substantially all of its operating assests and business for about $4.4 million. The deal is subject to the approval of bankruptcy court.