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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
