Prime Tanning based in Hartland, Maine listed total liabilities between $1 million and $10 million, but said it planned to keep its 178 employees working as it reorganises. Most of the $550,000 will be paid to Tasman Industries, based in Louisville, Kentucky. Tasman are reported to be one of Prime Tanning’s main hide suppliers, though Prime will still owe the company $163,260, according to the Bangor Daily News. A US Bankruptcy Judge also approved the company’s proposal to use a $4 million line of credit from Porter Capital Corporation, which will be used for payroll and other capital operating costs.
Another hearing related to Prime Tanning’s bankruptcy case is scheduled for December 8 at the US Bankruptcy Court in Bangor.
