Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

DRI Plans To Sell Operations Under Section 363 Of Chapter 11

DRI Corp. (TBUS.OB), Sunday said it has filed in Eastern District of North Carolina Bankruptcy Court for sale of its assets and operations under Section 363 of Chapter 11.

DRI's Board has formed a special committee to consider and evaluate the company's strategic alternatives. The special committee, which retained the investment banking firm of Morgan Keegan & Company, oversees this process on behalf of the Board and shareholders.

Chief Executive David Turney said, "Our decision to sell DRI through the 363 process is being undertaken to ensure that we preserve value; absent this action, the company would be unable to continue at least the US operations and fulfill duties to US lenders."

Click here to receive FREE breaking news email alerts for DRI Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.