Coyne International Enterprises Corp., a leading U.S. commercial laundry service company, filed chapter 11 protection, the ABL Advisor reported today. Pending the completion of the sales, Coyne will continue to operate under the supervision of the bankruptcy court. Coyne employs approximately 620 people at its nine locations. Under the three proposed sales, seven of Coyne’s nine locations will remain open and approximately 525 jobs will be preserved. To finance its operations in chapter 11, Coyne has obtained a commitment for $3.5 million in debtor-in-possession financing from NXT Capital, LLC, a financial institution based in Chicago. NXT is also the agent for Coyne’s senior secured debt.
