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
After trending higher over the past several sessions, stocks showed a lack of direction throughout the trading day on Friday before closing roughly flat. A muted reaction to a highly anticipated speech by Federal Reserve Chair Janet Yellen contributed to the lackluster performance. Republican Scott Brown has significantly narrowed the gap in the race against incumbent New Hampshire Sen. Jeanne Shaheen, D-N.H., according to the results of a new WMUR Granite State Poll. On the heels of the violent clashes between local police and protestors in Ferguson, Missouri, Sen. Claire McCaskill, D-Mo., announced that she will hold a Senate hearing in September to examine the militarization of local police departments.
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.