Cedar Hills, N.J.-based American Safety Razor Co. (ASR) filed
for chapter 11 bankruptcy protection in the United States Bankruptcy Court for
the District of Delaware, saying its first lien holders will purchase the
company. The final transaction, subject to court approval, is expected to be
completed in the fourth quarter of this year.
“We are
pleased to have a firm purchase offer from our primary lenders,” said Andrew
Bolt, ASR chief financial officer and executive vice president. “Their offer
represents a vote of confidence for the future of our business.”
ASR
— which is making its largest investment ever to develop and launch its
next-generation shaving technology early next year — said it has more than $30
million in cash reserves and received commitments for $25 million in possession
financing to address working needs during the restructuring process.
|
Did you enjoy this article? Click here to subscribe to the magazine.
