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Here are the latest developments, as related to MDM by William Kohn, Integra's primary bankruptcy attorney:
Sanders Tools & Supplies will return to its core business as a specialty metalworking distributor, with 90% of its business in cutting tools, gages, work-holding equipment and abrasives, Hunt Taylor, Sanders' president, told MDM. An equity group that includes some Sanders managers has scrambled over the past six weeks to assemble a letter of intent, financing and hold customer and vendor relationships together during the Integra bankruptcy proceedings, which was filed on Mar. 12.
'Our 43 employees dug in and really kept things together,' Taylor said. 'We now have 95% of our vendors up and running and offering us trade terms. It has been extremely difficult in the middle of a recession, but the employees made it happen.' The new Sanders will operate out of two locations in St. Charles and Peoria.
Precision buys Ross-Willoughby
The court previously approved the sale of assets, trade name and customer sales/services information at three Ross-Willoughby locations in Ohio and North Carolina to Precision Industries, Omaha, NE. Precision said in a press release that it has all the necessary brands and franchises to fulfill open orders for Ross Willoughby and is doing so. Precision has hired the Integra/Ross Willoughby staff in Lima and Canton, OH, and Charlotte, NC.
Precision plans to immediately expand the Ross-Willoughby product offering to include Precision's other product categories in power transmission, electrical, rubber products, material handling, fastener, safety and fluid power.
March 25 MDM article on Integra Ch. 11 filing