The CFO puts together a team of investors in an attempt to buy the media company, which submitted for bankruptcy protection.
Reading, PA –
Reading Eagle: Bill Uhrich | Reading Eagle Company Chief Financial Officer Shawn P. Moliatu
Reading Eagle Company Chief Financial Officer is putting together a group of investors intending to bid on the company, according to documents filed in the US bankruptcy law Thursday.
"I am in the preliminary stages of putting together a group of community investors and bank finance that I hope will enable us to bid on the assets of the company," said company finance director Shawn P. Moliatu in a written statement. Reading Eagle Company has been an integral part of the larger Reading community over the past 1
Media Firm for Chapter 11 Bankruptcy Protection Wednesday, with company officials saying the company's financial situation was "no longer sustainable."
In a footnote included in a statement in support of the company's chapter 11 petitions and accompanying proposals from Moliatu, he notified the court he will not participate in the sales process under company bankruptcy.
"I have recently expressed interest in forming a group of investors to bid for debt the assets of the goods, says the footnote. "To avoid any concrete or perceived conflict, I will not participate in the sales process under these bankruptcy proceedings, except as a bidder, unless and until I confirm that I no longer intend to participate in any bid."
Moliatu did not disclose whether he had yet secured any other investor or name any of the potential investors he is seeking.