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Feb 5, 2002 12:00 AM
Goss Graphic Systems, Inc. (Westmont, IL) announced Feb. 1 it has reached an agreement in principle for the sale of substantially all of its assets to a group of financial investors. As of Feb. 1, the sale was to be subject to any higher offers at a hearing to be held in the following week.
The sale will include substantially all of the assets of the company’s U.S. operations, including sales, aftermarket application engineering, installation, parts and service, as well as Goss’ international subsidiaries and its interest in a Chinese joint venture. The proposed purchasers are three of the company’s current lenders and a major note holder, which will contribute $50 million to the new entity.
Goss expects to close the sale within 30 days. The transaction has received the support of the company’s senior secured lenders, as well as the support of a major holder of its parent company’s subordinated notes. Conclusion of the sale is subject to approval by the court in Goss’ Chapter 11 proceeding.