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Chief Executive Officer of the Richmont Group
Executive Vice President, Manufacturing Group
Member of Chairman of Office
Chief Executive Officer
Arthur Young & Company
OEM High Jinks Lead to Aftermarket Action, August 1999 Issue - Page(s) 137-139
Nu-kote President Patrick E. Howard said in a company press_release , As proposed , the plan provides for a substantial infusion of new equity capital and a refinancing or recapitalization of a portion of the company's debt obligations.We believe that the consummation of the plan will be a very positive step for Nu-kote's long-term growth and stability , and one which will provide a great benefit for Nu-kote's employees , creditors , and customers. The plan , according to the press_release , provides for Nu-kote's continuation as a going concern , and the company intends to continue offering its full line of products and services to its customers on a global basis.As part of its reorganization , Nu-kote announced it has negotiated a contract for the sale of its European Hardcopy supply business.According to company information , the terms of the proposed sale provide consideration of $ 16.5 million to Nu-kote in exchange for 100 % of the shares of stock in certain European subsidiaries.The proposed sale must be approved by the Bankruptcy Court.It permits any other party to make an offer to purchase the subsidiaries.
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