Bridgeport FYI

Feb. 16--Knight-Ridder Business News--Bridgeport Machines and its
Boston-based parent filed for bankruptcy protection from creditors
Thursday.

Goldman Industrial Group Inc. and its six subsidiaries filed for
Chapter 11
in U.S. Bankruptcy Court for the district of Delaware.

Bridgeport Machines operations should continue as normal, Tom
Sheehan, vice
president of sales and marketing, told distributors.

Bridgeport Machines is currently in the midst of a two-week planned
shutdown, although it is unclear if that is related to the bankruptcy
filing.

"The company has successfully negotiated Debtor-in-Possession
financing
with the lenders that will allow the Bridgeport Inc. subsidiary to
resume
normal operations in the near term," Sheehan said.

Meanwhile, Goldman's other five subsidiaries ceased operations on
Feb. 13,
the letter said, and will be sold "as soon as possible."

Those companies are Fellows Corp., J&L Metrology Co. Inc., Bryant
Grinder
Corp., Hill-Loma Inc. and Jones & Lamson Vermont Corp.

"These measures were critical to position Bridgeport Machines Inc. as
a
viable competitive machine tool source for anticipated growth as the
economy rebounds," Sheehan said.

The move comes three weeks after Harold Pinto took over as president
of
Bridgeport Machines Worldwide Cos. Bridgeport Machines also recently
hired
a new vice president for manufacturing, Bob Castonguay. Pinto was not
available for comment Friday.

At the time of Pinto's appointment, the 64-year-old machine tools
company
was gearing up to launch a new advertising campaign in April.

The Bridgeport company would not comment further on the bankruptcy
Friday,
although an official said there are no plans for any layoffs.

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Dr.D