Printer Friendly

BANKRUPTCY COURT APPROVES FACTORING AGREEMENT WITH ACCESS CAPITAL, AND FINANCING ARRANGEMENTS WITH ACTIVE INVESTORS II AND JOSEPH YUAN

 SOUTH PLAINFIELD, N.J., July 8 /PRNewswire/ -- Robeson Industries Corp. (OTC: RBSN) today reported that on June 28, 1993, the United States Bankruptcy Court for the District of New Jersey has issued a final order authorizing Robeson to enter into a factoring agreement with Access Capital, Inc., pursuant to which Access will purchase certain accounts receivable from Robeson under terms similar to those that existed prior to the filing of Robeson's Chapter 11 case.
 In addition, the Bankruptcy Court also issued a final order which authorized Robeson to borrow up to $117,500 from Active Investors II and up to $117,500 from Joseph Yuan, president of Pride Products, Inc. Active Investors and Joseph Yuan are currently creditors of Robeson and are affiliated with significant shareholders of Robeson. The loans will bear interest at the annual rate of 10 percent, payable monthly, with the principal balance due in
November, 1993. The loans will be secured by security interests, subordinate to existing security interests, in certain of Robeson's assets. Approval of the factoring agreement and financing arrangements will permit Robeson to fill orders that are in place and to otherwise continue operations.
 As previously reported, Robeson filed a Chapter 11 petition on May 28, 1993, in the Bankruptcy Court for the District of New Jersey.
 Robeson is a manufacturer and marketer of household appliances and has developed a series of value-added accessories and combination kitchen appliance sets.
 -0- 7/8/93
 /CONTACT: John Raab, president of Robeson Industries Corp., 908-756-2001, or Stan Froelich of Cameron Associates, 212-644-9560, for Robeson Industries Corp./
 (RBSN)


CO: Robeson Industries Corp.; Access Capital, Inc. ST: New Jersey IN: HOU SU: BCY

SM-TS -- NY021 -- 9399 07/08/93 09:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 8, 1993
Words:284
Previous Article:TRUMAN SUSMAN PLAX MARKETER AND CARTE BLANCHE CEO, TO HEAD BIOTEL DIVISION OF VIRAL TESTING SYSTEMS CORP.
Next Article:BELLWETHER ANNOUNCES AGREEMENT TO PURCHASE AN INTEREST IN SNYDER GAS PLANT
Topics:


Related Articles
WOLVERINE EXPLORATION HAS BEEN INFORMED THAT UNION PACIFIC WILL NOT APPROVE AGREEMENT IN PRINCIPLE
WALTER INDUSTRIES' PLAN OF REORGANIZATION CONFIRMED BY BANKRUPTCY COURT
MobileMedia Corporation Seeks to Reorganize Under Chapter 11
Weitek Forecasts Liquidation Distribution
MobileMedia Granted Final Court Approval for $200 Million DIP Facility
Wireless One, Inc. Receives New Financing Commitment; $36 Million Agreement Would Provide Funds Needed to Exit Bankruptcy.
Paragon Receives Satisfactory Commitment from Wellspring; Auction Date Extended.
Stuart Entertainment Receives Court Approval for $30 Million Financing and Relocation of Headquarters to Minneapolis.
Adelphia Files Forms of Transaction Agreements in Connection With Expedited Sale Process.
New Century Receives Court Approval of DIP Financing.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters