TallyGenicom Files for Chapter 11
TallyGenicom, a provider of printing solutions, announced that it has filed Chapter 11. The company's filing was instituted in order to effectuate the sale of certain U.S.-based assets of TallyGenicom.
As part of its filing, TallyGenicom will be seeking Court approval to name Printronix, a developer, manufacturer and provider of industrial and back-office printing solutions as the lead bidder in the auction process.
The sale of U.S. assets of TallyGenicom pursuant to Chapter 11 is expected to take approximately 45 days. In conjunction with the filing, TallyGenicom has obtained financing to help enable the company to meet its obligations to employees and suppliers during this period.
As part of its filing, TallyGenicom will be seeking Court approval to name Printronix, a developer, manufacturer and provider of industrial and back-office printing solutions as the lead bidder in the auction process.
The sale of U.S. assets of TallyGenicom pursuant to Chapter 11 is expected to take approximately 45 days. In conjunction with the filing, TallyGenicom has obtained financing to help enable the company to meet its obligations to employees and suppliers during this period.