Equipment finance firm DVI said it will seek to file for Chapter 11 bankruptcy protection from creditors in the next few days. The Jamison, PA-based firm has not been able to secure the debtor-in-possession financing needed to continue operations.
DVI said its attempts to sell or recapitalize the company have been hindered by the discovery of apparent improprieties in its prior dealings with lenders, which involved misrepresentations as to the amount and nature of collateral pledged to lenders. DVI’s audit committee has begun an investigation into these improprieties.
In other developments, DVI CFO Steven Garfinkel has been placed on administrative leave, with Anthony Turek and John Boyle assuming the functions of CFO.
By AuntMinnie.com staff writersAugust 14, 2003
Related Reading
DVI misses interest payment, August 4, 2003
DVI default notice rescinded, firm hires new auditor, July 18, 2003
DVI gets default notice, July 16, 2003
DVI retains UBS Securities, July 1, 2003
DVI expands into Canada, April 5, 2002
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