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Bank Issues a Notice of Public Sale of Glass Wholesalers Ltd. Assets

Post Time:Jul 15,2009Classify:Company NewsView:292

Bank of America (BOA) has issued a notice of public sale of certain assets of Glass Wholesalers Ltd./Craftsman Fabricated Glass based in Houston (CLICK HERE (publicnotice.pdf) to read more). The auction of assets is currently scheduled to take place July 23 at Katten Muchin Rosenman LLP in Chicago.

Bob Lawrence, president of Glass Wholesalers/Craftsman Fabricated Glass, told USGNN.com™ that his company has been in communications with BOA regarding the pay-off of the BOA loan. He provided USGNN.com with the following statement:

"My company has been in communications with BOA regarding a take out of the BOA loan; Since May 31, 2009, BOA secured credit has been paid down, as follows:

$3.9 million - revolving credit plus
$1.9 million - equipment loan
$5.8 million at 5/31/09
$2.8 million - revolving credit plus
$1.9 million - equipment loan
$4.7 million at 7/10/09
Accordingly, Bank of America has been paid down by Glass d/b/a Craftsman by $1.1 million in the last 45 days;
Glass d/b/a Craftsman offered yesterday to "take out" BOA $4.7 million balance for $4.0 million, payable in cash, via wire transfer on or before 8/5/09; Glass d/b/a Craftsman has a new, prospective buyer and has also talked to a reputable entity interested in funding the necessary $4 million as an investment or loan with Mr. Lawrence's real estate partnership;
As part of the "dynamic tension" and to keep the Company's attention, BOA has given this notice of public sale for 7/23/09;
The Company's expectation is that its relationship with BOA will be resolved by satisfying the Bank's $4.7 million balance payable in cash, via wire transfer on or before 8/5/09, and exchanging releases with BOA; and
In the unlikely event that no agreement is reached with BOA, the Company is prepared to make a protective chapter 11 reorganization filing, and has arranged for alternate Debtor-in-Possession funding with a major lender, unless the Company reaches agreement with BofA, whether pre- or post-petition.
In any event, the Company fully intends to continue in operations. Glass d/b/a Craftsman has operated successfully for over 32 years, in close partnership with its key vendors. Glass d/b/a Craftsman fully intends to pay all of its vendor obligations."

Source: usgnnAuthor: shangyi

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