Gokaldas arm faces $4.11 million exposure after Children's Place bankruptcy
In short
Gokaldas Exports said its subsidiary Atraco Industrial Enterprise FZE has $4.11 million exposure after The Children’s Place filed for Chapter 11 bankruptcy in the US.
What the reporting says
Gokaldas Exports said its step-down subsidiary Atraco Industrial Enterprise FZE has exposure of $4.11 million after The Children’s Place filed for Chapter 11 bankruptcy in the United States. The company disclosed the customer’s bankruptcy in an exchange filing, prompting attention on possible receivables risk.
Why it matters
Gokaldas Exports disclosed in an exchange filing that The Children’s Place, one of the customers of its step-down subsidiary Atraco Industrial Enterprise FZE, has filed for Chapter 11 protection in the US. The reported exposure is $4.11 million.