uadrax Corporation Seeks Protection in Chapter 11 of the United States Bankruptcy Code
PORTSMOUTH, R.I., Feb. 27 /PRNewswire/ -- Quadrax Corporation announced that it has filed a voluntary petition in the United States Bankruptcy Court under Chapter 11 of the Code. Effective today, the company's operations in Rhode Island and Vista, California have ceased. It is the company's intent to fill customer orders whenever possible. Operations at Quadrax's wholly owned subsidiary, Victor Wire and Cable, will continue unchanged.
The plan of re-organization the company intends to file contemplates an offset against Quadrax's debts of the sale proceeds realized from the disposition of certain of its assets. The company hopes to maintain Victor as its primary operational asset.
There is no assurance that the sale of the identified assets will satisfy all of the company's debts. Discussions with potential prospects are continuing.
Quadrax is represented in its Chapter 11 case by Allan M. Shine, Esq. of the Providence, Rhode Island law firm of Winograd, Shine and Zacks, P.C.
SOURCE Quadrax Corporation
CO: Quadrax Corporation
ST: Rhode Island |
