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."
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