Gencor fought filing for bankruptcy protection, arguing it was solvent. The lenders, meanwhile, were preparing to ask US Bankruptcy Judge Karen Jenneman to place Gencor into involuntary bankruptcy protection. But within hours of the lenders' filing, the Orlando company agreed to restructure itself.
Gencor is making an immediate cash payment of $7.4 million and promises to repay a total of $67 million by March 31, 2001. That money is expected to come from the sale of the firm's animal-feed division that Gencor bought four years ago for $72 million. The balance of the debt will be repaid from the company's operations.
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