The Board of Carver Corporation found it necessary to seek protection under federal bankruptcy laws in order for the Company to move ahead and reestablish itself as a viable entity in the marketplace. Carver, the founder of the Company and former CEO, stepped in to take over. Subsequently, at the invitation of the Board of Directors, Robert W.
In October of 1998, the Company ran out of working capital and laid off the remainder of its workforce. These actions created the prospect of an inequitable distribution of payment to creditors and prevented the Company from being able to operate as a functioning business entity. The cause of the filing was an accumulation of unpaid debt and resulting legal actions filed by creditors. SEATTLE, WA, - Carver Corporation today announced that on Wednesday, it filed a voluntary petition under Chapter 11, in United States Bankruptcy Court for the Western District of Washington.
