UPDATE: Yarnell's Files Chapter 7 Bankruptcy, Says Buyers Are Circling

by Mark Friedman  on Monday, Aug. 29, 2011 11:09 am  

On Monday, ADEC spokesman Joe Holmes told the Associated Press that a variety of deals have been proposed and that the state is working with the bankruptcy trustee to try to reach a quick resolution. Holmes did not go into specifics about the proposals.

"There has been a lot of activity the past several weeks working with various offers to buy the company," Holmes said.

In a news release on June 30 announcing the closing, Yarnell's CEO Christina Yarnell said the company had "examined many possible avenues to keep the company afloat - actively marketing the company to investors and strategic buyers - the majority of whom are undergoing the same financial distress we are.

"However, we've been unable to obtain additional financing from our lenders or locate a buyer, and have come to the difficult decision that the appropriate course of action is to shut our doors," she said.



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