One of the nation's biggest carpet makers filed for bankruptcy today in federal bankruptcy court in Rome, Ga., the Chattanooga Times Free Press reported today. Beaulieu Group LLC said that it will reorganize its finances under chapter 11 protection after suffering losses from its traditional carpet business. The company said that its existing lenders, which Beaulieu said are owed between $50 million and $100 million, have agreed to continue to support the company by providing debtor-in-possession (DIP) financing. Such debt will be combined with cash from operations to ensure the company continues operations while it restructures its debt and finances.
