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COMPANY NEWS; Keystone Camera Seeks Bankruptcy

REUTERS

Published: January 29, 1991

 

The Keystone Camera Products Corporation, a maker of low-priced cameras, filed for bankruptcy protection under Chapter 11 of the Federal Bankruptcy Code. The company, which has been hurt by strong foreign competition, also sought protection for its Keystone Camera Corporation.

 

The Clifton, N.J., company said the filing would improve its working capital position and let it meet its production orders. Keystone's chairman, Myron Berman, said the company's main creditors are a group headed by the Congress Financial Corporation. Keystone filed for bankruptcy because one of the group's members, the United Jersey Bank, refused to extend the secured credit facilities. Keystone has $41 million in outstanding debt, including $4.5 million owed to the Congress group.

 

COMPANY NEWS; Concord-Keystone

AP

Published: May 14, 1991

 

The Concord Camera Corporation said that the Federal Bankruptcy Court in New Jersey had approved its plan to buy the assets of Keystone Camera, the Clifton, N.J., company that calls itself the last domestic maker of 35-millimeter and 110 cartridge cameras. Concord struck the deal last month with Joseph DiPasquale, the trustee a Federal bankruptcy judge appointed to oversee Keystone's liquidation. Concord, based in Avenel, N.J., sells inexpensive 35-millimeter and 110 cartridge cameras manufactured and assembled in China. Concord said it intends to complete the buyout by the end of the month. Keystone said it was forced to file for protection under Chapter 11 of the Federal Bankruptcy Code in January, even though more customers had shown a desire to "buy American."

 

CONCORD CAMERA CORP

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