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Proposed Purchase Price for Fletcher-Terry Assets is Approximately $1.8 Million, According to Court Documents

Post Time:Dec 04,2009Classify:Company NewsView:1875

The proposed purchase price for the assets of Fletcher-Terry Co., which filed for bankruptcy in late October, is approximately $1.8 million, according to court documents filed in the case. Though the sale of the company's assets has not yet been approved or finalized, the company has motioned that the sale of its assets to FTCO Acquisition LLC and iSun International Group LLC be approved by the court as part of its liquidation strategy.

iSUN International Group is a United States-based manufacturer and distributor of a diversified mix of engineered commercial and industrial products, assemblies and components, according to the company's website. iSun, based in West Boylston, Mass., was listed as Fletcher-Terry's largest unsecured creditor in its initial October 27 filing, with a debt of $350,000 owed, and was listed as "contingent."

FTCO Acquisition, an affiliate of iSUN, was incorporated in July 2009 by Brian M. Johnson in Farmington, Conn., according to information from HartfordBusiness.com. Johnson also is listed as a managing director of iSun in the proposed Asset Purchase Agreement, filed on October 27 in the U.S Bankruptcy Court for the District of Connecticut.

In a Statement of Financial Affairs filed on November 20, the company reported assets of $2 million in real property and $4.8 million in personal property. However, the company also reported that its secured creditors have claims of $4.1 million, and unsecured claims against it total more than $430,000. This amounts to $6.8 million in assets, and liabilities of $4.6 million, according to the statement.

FTCO and iSun also have agreed to reimburse for any deposits for trade shows paid by Fletcher-Terry, along with earn-out payments and assumed liabilities, according to court documents.

David Varbash of Posternak Blankstein & Lund LLP, lead counsel for iSun, was unavailable for comment at press time.
 

Source: usgnnAuthor: shangyi

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