Irving to emerge from Chapter 1131 October 2002
At ACLE in China, Richard Larochelle said that he expected his company to emerge from Chapter 11 during October. It was just a case of completing the paperwork before the process could be finalised. It is extremely rare from companies to survive Chapter 11 bankruptcy proceedings and Larochelle told Leather International that the secret was to hold on to both staff and customers. It was necessary to keep all lines of communication wide open and everyone was kept fully informed. Both staff and customers were asked to put their faith in the recovery and stay with the company. In return, Irving kept every one of their pledges, delivering every order and getting it right virtually all of the time. Any failed delivery or mistake would have caused their customers to run away which is what happens in almost all Chapter 11 cases. Hanging onto their staff was considered to be of equal importance because of all the experience and skill they represent.