Universal Automotive Industries (NASDAQ:UVSL)
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Universal Automotive Seeks Chapter 11 Protection
ALSIP, Ill., May 27 /PRNewswire-FirstCall/ -- Universal Automotive Industries,
Inc. (OTC:UVSL) today announced that it has filed a petition for protection
under Chapter 11 of Title 11 of the US Bankruptcy Code in the US Bankruptcy
Court for the District of New Jersey, together with its wholly owned
subsidiaries, Universal Automotive, Inc., Universal Automotive of Virginia,
Inc. and The Automotive Commodity Connection, Inc. Universal and its
subsidiaries will be petitioning for debtor in possession financing to be
provided by its principal secured lender, Wachovia Capital Finance Corporation
(formerly known as Congress Financial Corporation). The financing will be
sought to enable Universal to wind down its operations through either a sale of
its operating assets or possibly a liquidation.
According to David Cesar, Chief Restructuring Officer of the Company, "It was
necessary for the Company to seek bankruptcy protection to continue its
operations and seek to maximize value for its creditors and shareholders. All
our facilities are currently open for business, and our employees are
continuing to assist our customers and ship inventory. We are in discussion
with a prospective buyer who, if they purchase the Company's business, could
continue to serve customers and preserve jobs. We will know more about the
course of the Company's operations in the next several weeks. We would
particularly like to thank our valued employees for their dedication during
these times."
DATASOURCE: Universal Automotive Industries, Inc.
CONTACT: Robert W. Zimmer of Universal Automotive Industries, Inc.,
+1-708-293-4050 ext. 227