MATTHEWS BIDS TO ACQUIRE THE BUSINESS ASSETS OF BANKRUPT J & L SERVICE INC.
BURBANK, Calif., June 24 /PRNewswire/ -- Burbank-based Matthews Studio Equipment Group (NASDAQ: MATT) announced that its rental subsidiary, Hollywood Rental Co. Inc., has made an overbid in bankruptcy court to acquire the business assets of J & L Service Inc., consisting mostly of production rental equipment, free and clear of all liens, through a pending sales escrow. J & L Service Inc., the debtor in a Chapter 11 proceeding in the United States District Court for the Central District of California, had moved the court for an order to approve its sale of its business assets. The court, Judge Calvin K. Ashland presiding, accepted Hollywood Rental's bid in the amount of $550,000, on the condition that the escrow is closed by July 1, 1993. Matthews Studio Equipment Group designs, manufactures, sells and rents grip, camera and lighting support equipment for the film, television, commercial photography and theatrical production industries worldwide. In addition, the company designs, manufactures and rents its proprietary electromechanical Cam-Remote Systems. -0- 6/24/93 /CONTACT: Gregory Moiseeff or Neil Kaplan of Matthews Studio Equipment Group, 818-843-6715/ (MATT)
CO: Matthews Studio Equipment Group; J & L Service Inc. ST: California IN: ENT SU: TNM
BP-LS -- LA008 -- 5160 06/24/93 08:31 EDT
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|Date:||Jun 24, 1993|
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