MIDDLEFIELD, Ohio (Dec. 14, 2007) — Century-old Johnson Rubber Co. in Middlefield is seeking a buyer after filing for Chapter 11 bankruptcy protection from creditors.
Will Kohn, a partner at the Cleveland law firm Benesch, Friedlander, Coplan & Aronoff L.L.P. who is representing Johnson Rubber in the bankruptcy case, said nine parties so far have approached the company regarding sale and merger opportunities. Kohn won't identify those companies, saying they all have signed confidentiality agreements.
Johnson Rubber said in a Dec. 11 filing in U.S. Bankruptcy Court in Cleveland that it had $15.3 million in assets and nearly $20 million in liabilities. The company makes rubber components found in automobiles, roads and bridges, caskets and recreational boats.