Proposed Purchase Price for Fletcher-Terry
Assets is Approximately $1.8 Million, According to Court Documents
December 3, 2009
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.
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