Ain't karma a b*tch! Here's the news blurb... May 13, 2003 â?? ST. LOUIS, MO. - Outsourcing Solutions Inc. (OSI) yesterday announced that the company and certain of its domestic subsidiaries have voluntarily filed for reorganization under Chapter 11 in U.S. Bankruptcy Court for the Eastern District of Missouri in St. Louis. The company also announced that it has secured a commitment for $22 million in debtor-in-possession (DIP) financing to fortify its strong, positive cash flow in order to ensure it has the resources to continue to conduct business-as-usual during the reorganization process. "The voluntary filing will enable our company to continue business as usual - including meeting our commitments to our clients, associates and suppliers - while we work with our creditors to finalize a plan for reducing OSI's debt and restructuring our balance sheet so we can emerge as a financially healthy company for the long term," said Kevin T. Keleghan, president and CEO.
This is the same company as Sherman Acquisitions, Gulfstate and Palisades, among others. How will their bankruptcy affect those who are disputing TL with them? Or will it at all? peace, delilah
They never validated before, so I guess that aspect of their business will remain unaffected by the re-organization.
