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Olympia in receivership, will attempt reorganization.

Canadian machine-tool builder Olympia Engineering Ltd. has installed more than 160 machine tools mostly VBMs and HBMs--across North America since it was started in 1994. Recent debt problems tied to the collapse of the U.S. machine-tool market led its management, headed by president Lev Kishlyansky, to try to renegotiate bank loans. When those negotiations failed, Olympia's bank appointed a receiver on Nov. 14.

According to a company release, the bank doesn't intend to continue manufacturing operations at the builder.

The machine-tool builder's management is reorganizing a new company, under a similar name, Olympia Engineering Group Inc. (www.oel.on.ca).

According to Kishlyansky, the new company is presently negotiating the purchase of the assets and intellectual property of the old, insolvent Olympia.

For the time being, the reorganizing company is operating out of the same facility on Toryork Drive in northwest Toronto. Next month it expects to move into a new manufacturing facility in the northern-Toronto suburb of Vaughan, Ontario. A sales office remains in Pittsburgh, Pa.

In a statement, the company says it will make every effort to make the transition as seamless as possible. In mid-December, however, repeated calls to the Toronto headquarters remained unanswered.

Olympia Engineering Group Inc,, Toronto, Ont. Canada. 416-744-0440.
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Publication:Metalworking Insiders' Report
Date:Dec 20, 2003
Words:206
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