logo
Share SHARE
FONT-SIZE Plus   Neg

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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Anglo-Dutch oil giant Royal Dutch Shell plans to cut 2,200 more jobs, as the company continues to face lower oil prices, media reported Wednesday citing an emailed statement. The latest round of cuts would bring the total job cuts this year to at least 5,000 globally. In the U.K. and Ireland, the company plans to reduce staff working in exploration and production by 475. Tiffany & Co. (TIF) reported first-quarter net earnings of $87 million, or $0.69 per share compared to $105 million, or $0.81 per share, in the prior year. The company noted that its first-quarter results included a tax benefit of $0.05 per share related to the settlement of a tax examination. On average,... Shares of Marks & Spencer Group plc were losing around 8 percent in the early morning trading in London, after the retailer reported lower profit in its fiscal 2016, hurt mainly by weak results at clothing & Home segment and lower UK LFL sales. Looking ahead, the company warned about profit, and said it sees a similar sales trend in fiscal 2017.
comments powered by Disqus
Follow RTT