of America Agrees to Adjourn Public Auction of Glass Wholesalers
July 22, 2009
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."
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