The
rumor-mill is rampant.
We’ve heard from
two different sources, the past two days, that a U.K.-based “group” is planning
to restart / reopen some or all of
the SP USA operations that were shut down.
Who might
that be?
Reprographically-speaking, the three largest reprographics enterprises
in the U.K. are 1) SP UK, 2) Hobs Reprographics, and 3) Callprint. Evidenty,
SP UK, apparently in an attempt to distance itself from the SPS “brand”, will
shortly be changing its name to the “UDO Group”. [UDO was the original
name of SP UK – “UDO” stands for (or stood for) “United Drawing Office.”] Or,
from a stretch out in left field, maybe the giant U.K. company, Smurfit Kappa,
the company that put up the financing to resurrect Reprotechnique in France, is
stepping to the plate to resurrect SP USA? (I seriously doubt that
Smurfit Kappa is involved; I'm still trying to figure out why S-K forked
over the funds that Reprotecnique needed.)
What might happen?
Anyway, if
SP USA Inc is insolvent, and that may well be the case, whoever buys SP USA’s
assets may have to complete its purchase transaction by one of two methods:
Method 1 –
SP USA goes into Chapter 7, interested party makes a bona fide offer for SP
USA’s assets, BK Trustee would have to approve that offer. I haven’t seen any Chapter 7 (or otherwise)
filing from SP USA Inc.
Method 2 –
SP USA’s assets sold via a “Bulk Sale of Assets” transaction, according the
regs/rules of the Uniform Commercial Code.
For this type of transaction to happen, SP USA creditors would have to
receive prior notice of the contemplated Bulk Sale transaction, and, if the old
rules still apply, there would be a 10-day notice period to voice
objections. The notice would have to
explain, in detail, the contemplated transaction and give an estimate of how
much vendors are going to end up with.
(It’s my understanding that this is the method that ABC Imaging
employed, years ago, when it purchased the assets of Topel Imaging, after Topel
Imaging got into financial trouble.) (Blain
Topel is a VP at ABC Imaging, and he is an outstanding, hard-working, dedicated
young man.)
For better
information – or, I should say, accurate information – consult your attorney!
UPDATE:
Visit this
link for more information about “Bulk Sale” transactions:
Posts
UDO stood for Universal Drawing Office and run by Terry Rutter the best in the business
ReplyDeleteBloggs Jon
I worked for GAF (Great Britain) Ltd. We were owned by GAF in the USA. We became the market leader in the UK for Reprographic and Drawing Office supplies. In spite of that we were taken over by UDO in 1987 with some understandable resentment on the part of the GAF hierarchy. I worked for UDO until 1992 having been made redundant. UDO were a demanding company, but very democratic. Even Terry Rutter ate lunch in the canteen.
ReplyDeleteActually, I lie. GAF were taken over by Aarque Systems, another American company. UDO bought out Aarque and not GAF
ReplyDelete