LMI Solutions Goes On The Record About Going Into Bank Receivership.

[jim]

Toner Remanufacturer LMI Solutions Goes On The Record About Going Into Bank Receivership.

By Annie Willert Vice President, Sales and Marketing .

 It has become public knowledge that LMI has been put into receivership. 

Myself, along with the rest of the LMI management team, truly see this as the best thing to ensure LMI’s future state in the industry.

 

What is receivership? It a step in which a trustee is legally appointed to act as the custodian of a company's assets or business operations.  It's typically invoked during legal proceedings, with the goal of returning the company to a profitable state and thereby avoiding bankruptcy.

 

Why are we being put into receivership? Our private equity partners have decided to exit the industry, thus putting us in a position to sell their equity. The bank has required an investment banker to advise on a sale process – thus the receivership.

 

This is in the best interest of all LMI employees, customers and the remanufacturing industry – as it will ensure the best strategic fit to solidify LMI’s long-term position in the industry. We have today, and will continue in the future to have a going concern.

[Author]

August 19, 2019 at 1:18 PM