For Immediate Release
May 16, 2005
Contact:
David Middleton, CEO
((207) 938-4491
E-mail: beryl@wolfenews.com
Michael A. Fagone, Esq.
(207) 774-1200
Irving Tanning Company Signs Letter of Intent
Sale would result in continued operations in Hartland, Maine
Irving Tanning Company (âIrvingâ) announced today that it signed a letter-of-intent with Meriturn Partners LLC (âMeriturnâ) under which Irving agreed to sell its business to Meriturn.If consummated, the sale would result in the continuation of Irvingâs long tradition of supplying high quality leather to the global footwear, handbag, and personal leather goods industries, and would preserve Irvingâs status as an economic anchor in Somerset County, Maine.
âWe are extremely pleased that Meriturn recognizes the tremendous value in Irvingâs business, value that has been created through many years of hard work and innovation by Irving and its business partners,â said David P. Middleton, Irvingâs President and CEO.
Irvingâs creditors will have an opportunity to evaluate the transaction, which must be approved by the United States Bankruptcy Court for the District of Maine. According to Middleton, negotiations with creditors, including Banknorth, the Town of Hartland, and Tyson Fresh Meats, are ongoing.
âWe are hopeful that the creditors will recognize this as a positive development for all involved, and that the sale will be approved by the Court expeditiously,â said Middleton. A hearing to consider the sale has been scheduled for May 25, 2005.
Irving Tanning Company is a leading supplier of leather to global footwear, handbag, and personal leather goods industries. Based in Hartland, Maine, the company has annual sales of approximately $65 million and employs approximately 250 people at its facility in Hartland. Meriturn is an investor and advisor for middle-market restructurings and turnarounds.
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