Apr 05, 2002 Hudson, MA
ACT Manufacturing, Hudson, Mass., said it has hired Lazard Freres, a New York investment banker with officesthroughout the world, to manage the sale of the company.
The EMS firm, which filed for bankruptcy last December, added that it remains committed to continuing to operate in the ordinary course of its business and has no plans to auction off the plant, equipment and inventory of the company in a piecemeal fashion.
"Lazard has provided information to and has received bids from several qualified buyers. As a result of the level of interest demonstrated by the potential buyers to date, ACT continues to believe that the sale of the company as a going concern to a buyer who will continue the company's operations will best maximize value for its creditors."
The sale procedures will be approved by the U.S. Bankruptcy Court in Worcester and these procedures will be similar to those used in other major Chapter 11 cases, according to ACT, which expects the sale process to be substantially completed by the end of June 2002.
The company added that it "regrets that it is unlikely that stockholders will recover any value from the sale of the company's businesses.
