St. George Cyrstal: Financial Crisis Bites

Paychecks for workers at St. George Crystal in Jeannette, PA, which laid off about 80 workers June 2007, could not be honored due to insufficient funds when employees deposited them in recent weeks, officials said 8 June. St. George officials confirmed there was a lack of money to meet payroll on 2 occasions in May 2007 & said they were working dilligently to secure long-term financing to keep the crystal manufacturer afloat. Nick Arrington, who was asspointed as reciever, is with Compass Advisory Partners, a Pittsburgh-based turnaround firm. He was appointed after court action was taken against St. George by MTGLQ Investors, the principal lender to the manufacturer of lead crystal stemware,giftware,lamp & lighting products.