Nu-kote Settlement Reached, Ending Lender Claims
Franklin, Tenn. — Nu-kote Holding, Inc. Reports that approval has been obtained for a settlement with its lenders. This settlement includes the sale of the lenders' claims to Richmont Capital Partners, a merchant banking partnership headquartered in Dallas, Texas. The sale
of the claims was concluded July 25, effectively ending the lenders' involvement and participation in Nu-kote's reorganization. This positive event marks a key accomplishment in Nu-kote's reorganization efforts.
"During the last 20 months, Nu-kote has met or exceeded both its operational and financial objectives. This was accomplished while providing high-quality products and services to our valued customers," said Ron Baiocchi, Nu-kote's president and chief operating
officer. "With the favorable support from Richmont, Nu-kote is now well positioned to realize its full potential as an industry leader and innovator."
Pat Howard, chief executive officer, said, "As we advance in each step of our strategic plan, our focus and commitment to achieving long-term objectives gains new momentum. We are pleased with our progression and look forward to many more successes in the near
future."
With the sale of the lenders' claims now final, Nu-kote, in conjunction with Richmont, will file a new Plan of Reorganization that provides for the company to continue operating as a going concern with its existing products and its current management team. As part of
the new plan, it is expected that Nu-kote's existing stock will be extinguished and Nu-kote's existing stockholders will receive nothing in respect to their stockholdings.
For more information, contact Nu-kote at 615-794-9000.
This article originally appeared in the September 2000 issue of Recharger.