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

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT