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Bank of America Agrees to Adjourn Public Auction of Glass Wholesalers

Post Time:Jul 23,2009Classify:Industry NewsView:419

Bank of America (BOA) has agreed to adjourn its notice of public sale of certain assets of Glass Wholesalers Ltd./Craftsman Fabricated Glass based in Houston. The auction of assets is no longer scheduled to take place on July 23 in Chicago.

Bob Lawrence, president of Glass Wholesalers/Craftsman Fabricated Glass, told USGNN.com™ that his company has made great strides towards possible agreement with BOA regarding the pay-off of the BOA loan by sometime in September 2009. He provided USGNN.com with the following statement:

"Glass d/b/a Craftsman has made significant progress with Bank of America, as follows:

BOA has agreed to adjourn its public sale, which had been scheduled for Thursday July 23, 2009, subject to completion of a mutually acceptable agreement for repayment in full of the $4,585,602 (7/20/09) balance owing to BOA by sometime in September 2009;
Glass d/b/a Craftsman has entered into a Letter of Intent for the purchase of Craftsman's business and assets with a capable and suitable buyer [for an amount sufficient to pay off BOA] who would intend to continue the business as an independent leader in the Houston glass market, bring Craftsman's vendors and other creditors fully current and provide (future) working capital for the company's operating needs; and
The company is now optimistic that reorganization bankruptcy has been averted.
In any event, the company fully intends to continue in operations. Glass d/b/a Craftsman has operated successfully for more than 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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