Body Armor Maker Protective Products Files For Bankruptcy

After declaring bankruptcy earlier this month, Protective Products of America, a Florida-based body armor manufacturer, ceased public trading of its stock, appointed a new chief executive and began an internal investigation, the company has announced.

January 31, 2010

After declaring bankruptcy earlier this month, Protective Products of America, a Florida-based body armor manufacturer, ceased public trading of its stock, appointed a new chief executive and began an internal investigation, the company has announced.

Protective Products, which produces soft body armor products for law enforcement officers and the Modular Tactical Vest for the military, filed for Chapter 11 bankruptcy protection and will sell most of its assets to Sun Capital Partners, according to a company press release.

On Jan. 19, the company announced it had received notice that shares of PPA would no longer be traded on the Toronto Stock Exchange. The company is based in Sunrise, Fla., but originated in Canada.

A day later, Protective Products announced the U.S. government has brought charges against Chief Executive R. Patrick Caldwell for violating the Foreign Corrupt Practices Act. Neil Schwartzman, the chief operating officer, will serve as acting chief executive.

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