Scovill Fasteners, the maker of snap-closure buttons for consumer and military clothing, has filed for Chapter 11, Bloomberg reports. The Georgia-based company is seeking to sell virtually all its assets to Global Equity Capital for $17 million.

The company has listed $100-500 million in debt and $10-50 million in assets in the Chapter 11 documents. At present, Scovill Fasteners is suffering losses incurred after closing of a China facility that cost the company about $30 million.

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