Azon Files Bankruptcy Petition, Set for Sale of Assets
Press release from the issuing company
July 29, 2002 -- (WhatTheyThink.com) -- Azon Corp. filed Wednesday in bankruptcy court for protection from creditors in preparation for the company's eventual sale to new investors. Management termed the court filing "the next logical step in Azon's year-long plan to restructure and revitalize the company." Azon makes coated papers used in specialized copying machines.
According to the Binghamton Press & Sun-Bulletin, employees were given the news and the company's action plan at a private meeting Wednesday. The paper said about 100 employees attended and Vincent Lomonaco, chairman of the company’s employee committee said the news was good.
Lomonaco said the filing and pending agreement with a new buyer was a good sign for the troubled company. "There's a buyer for the business, and we keep our jobs."
The Binghamton Press & Sun-Bulletin said Watermill Ventures, a Boston-based investment group, has agreed to buy the company. According to a one-page statement released by Azon, Watermill "has a highly successful history of acquiring manufacturing companies and reviving their operations." Nationwide, Azon has 325 employees with other locations in Atlanta, Arlington, Texas and Orlando, Florida.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.