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BMC Files Chapter 11; Nears Sale of Assets

RAMSEY, MN-The glass lens company has plans to sell its assets to a group of Texas investors. It has plants in Ramsey and Indonesia that will keep operating under a $10-million debtor-in-possession financing plan.

By Jim McCartney | Updated on July 01, 2004

RAMSEY, MN-BMC Industries Inc. has filed for protection from creditors under Chapter 11 of the United States Bankruptcy Code and will sell essentially all of its assets. BMC employs 1,220 people primarily in its plant in Ramsey and a plant in Jakarta, Indonesia, where workers make polycarbonate and glass lenses for eyeglasses under the Vision-Ease brand.

About 400 employees are in Minnesota. BMC says its Vision-Ease subsidiary will continue operating and that its banks have agreed to lend $10 million to continue operations–a debtor-in-possession financing deal that is subject to approval of the US Bankruptcy Court for the District of Minnesota. No layoffs have been announced.

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