Two months after temporarily closing its doors, Risdon International has resumed operations, reopened seven facilities around the World.
The manufacturer of containers for the cosmetics industry suddenly found itself without cash or credit and considered filing for Chapter 11 bankruptcy protection when Sovereign Bank demanded immediate payment of the company’s debt an swept its accounts.
Risdon’s Chairman Thomas Frater said the company may have been forced out of business because it run out of the ability to fund its activities not because a lack of orders.
Sovereign Bank sued Risdon last month demanding the repayment. The company counterattacked, asking a judge in a to reject what it calls a draconian demand.
Risdon recently produced two mascaras for L’Oréal Paris
