Shortly after filing for Chapter 11 with the U.S. Bankruptcy Court, Böwe Systec Inc. today entered into an asset-purchase agreement with Versa Capital Management and co-investment partner Access Value Investors Inc. Böwe Systec controls BÖWE BELL + HOWELL and its Canadian subsidiary Böwe Bell + Howell International Ltd.
Philadelphia-based Versa holds the majority of BBH’s outstanding secured debt, which will be resolved through the sale. Within its investment portfolio, Access Value Investors also holds NCP Solutions LLC, which is a document management firm with printing, mailing and electronic-delivery capabilities, as well as Indianapolis-based Zimmer Custom-Made Packaging.
In addition to the Chapter 11 filing, BBH Canada will also request that the Ontario Superior Court of Justice in Toronto recognize the U.S. proceeding as a foreign main proceeding, which would allow the company to seek ancillary relief from the Canadian Court as required.
The companies expect the sale process to be completed within 90 days.
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