WSR STRAUSS CORPORATION COMPLETES THE SALE OF ITS ASSETS TO CHARON INVESTMENTS, LLC AND AFFILIATES
May 8, 2000
On May 3, 2000, WSR Strauss Corporation completed the sale of its assets to Charon Investments, LLC, in connection with Schottenstein Bernstein Capital Group, LLC and IBJ Whitehall Financial Group, for a combination of cash and interest bearing notes. Hired jointly by the Debtor and Creditors, Conway, Del Genio, Gries & Co. served as financial advisors in the transaction.
This transaction provides WSR Strauss Corporation, a leading after-market automotive parts retailer in the northeast, with the capital infusion necessary to exit protection under Chapter 11 of the U.S. Bankruptcy code. The sale of assets completes the final step in a successful turnaround, as the company now has the financial wherewithal to fully execute their business plan.
For further information, please contact Robert A. Del Genio of Conway, Del Genio, Gries & Co., LLC, a firm specializing in corporate finance advisory services with a focus on restructuring and mergers and acquisitions. Mr. Del Genio’s telephone number is (212) 813-1300.