The latest news from academia, regulators
research labs and other things of interest
Posted: February 17, 2009
Raymor Stops All Operations
(Nanowerk News) Raymor Industries Inc. ("Raymor") announces that in order to reduce actual expenses and for the present period, the company must stop operations of all its divisions and lay-off temporarily the staff of its subsidiaries as of February 10th, 2009. The court awarded on February 13th an extension to the Notice of Intent allowing the company seven additional days to finalize its financing. Management actively pursues discussion with various funding sources to secure the necessary financing. This financing should enable the company to make a proposal to creditors.
"We sincerely hope that this will be a short lay-off since we have many clients waiting for operations to resume."said Stephane Robert , President of Raymor Industries Inc. "However, we are very happy about the turn of events from the court; this extension provides the company with a fighting chance to establish the financing it needs". added M. Robert.
The management intends to continue providing regular and timely updates with respect to both financial position and creditor obligations.