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Meriturn Bids For Johnston Industries

Meriturn BidsFor Johnston IndustriesColumbus, Ga.-based Johnston Industries Inc. has signed a letter of intent from Meriturn Partners LLC, Raleigh, N.C., and San Francisco, to purchase a substantial portion of Johnstons assets. Earlier this year, Johnston and its subsidiaries filed for Chapter 11 protection under the US Bankruptcy Code.The bid covers Johnstons technical textiles, decorative fabrics and all other operations except fiber products. The company is seeking separate bids for that business.Meriturn intends to continue to operate and grow the company, according to Marvin A. Davis, chief restructuring officer, Johnston Industries. All current management and employees will be retained. November 2003