Atlanta
At an April 9 auction, The American Stock Transfer and Trust Co. placed the winning bid for the assets of Graham-Field, according to Mark Stead, Graham-Field's chief restructuring officer.
Acting as the trustee for Graham-Field's bond-holders, American Stock purchased the company “free and clear of liens, claims and encumberances,” Stead said. “Graham-Field's board of directors unanimously approved the sale, which is subject to formal court approval April 14. The company expects the sale to close by April 30.”
After four years in bankruptcy, Graham-Field is emerging under new ownership, and “the company now is working with the bond-holders to ensure a smooth, seamless transition for customers,” Stead continued. “[Graham-Field] expects the bond-holders to maintain a commitment to high-quality products and excellent customer service.”
Meanwhile, operations are in full swing at Graham-Field, a company spokesman added. “We're working like there's nothing going on,” he said. “There are a lot of orders that are still coming in. Nobody's packing up.”
With the 1997 acquisition of Everest & Jennings, Graham-Field became one of the nation's leading manufacturers of wheelchairs.
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