An asset auction for imaging equipment finance firm DVI was completed yesterday, but DVI said it has determined that recovery for creditors may best be achieved by working with its debtor-in-possession (DIP) lenders and other constituents to maximize value through other means.
DVI CEO Mark Toney said that the company, its DIP lenders, and the creditors’ committee were in discussions to develop an asset-management plan, which may include the selling of certain assets. The plan may also include further reductions in operating costs and professional fees associated with the bankruptcy process, according to the Jamison, PA-based company.
By AuntMinnie.com staff writersOctober 10, 2003
Related Reading
DVI arranges financing, September 9, 2003
DVI files for Chapter 11 relief, names new CEO, August 26, 2003
DVI to file for bankruptcy, August 14, 2003
DVI misses interest payment, August 4, 2003
DVI default notice rescinded, firm hires new auditor, July 18, 2003
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