Millennium 'Unaffected' By Parent's Ch. 11
By Jeff Malester -- TWICE, 6/11/2001
GAINESVILLE, FLA. — It's still business as usual for Millennium Rechargeable Power Systems, the consumer products battery division of Moltech Power Systems, which filed for Chapter 11 bankruptcy protection late in May, said Susan Gross, Millennium's market manager.
"We're trying to rough it through during this downturn in the economy," said Gross. "The voluntary filing was to provide some relief from our debt.
"Millennium is not affected," said Gross. "We're taking orders, filling orders and shipping product. We use outside sales reps, and for them the business has not changed. We have the support of our creditors as well as our large retail customers."
Gross, who said Moltech expects to emerge from bankruptcy protection within six to nine months, positions the company as an original equipment manufacturer (OEM) of batteries for the cellular phone, portable computer-type device and power tool businesses. It is the slowdown in certain phone and handheld products that has hurt Moltech's OEM business, said Gross. Moltech and Millennium are based here.
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