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28 Jan 2009
The European arm of printer vendor TallyGenicom could become a standalone company after its US parent filed for Chapter 11 bankruptcy protection.
A press release issued by the company claimed that the Chapter 11 filing “does not affect any of the TallyGenicom companies in EMEA regions” and also revealed that the management of TallyGenicom Europe will be “exploring options with the administrators to take the business forward in EMEA”.
In the US, the vendor is looking to complete a sale of some of its assets, and is seeking court approval to name back-office printing solution specialist Printronix as the lead bidder in the auction process.
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The sale of the assets is expected to take around 45 days. TallyGenicom revealed it has obtained financing to help the company meet its obligations to employees and suppliers during the period.
Dan Adragna, chief executive of TallyGenicom, said: “The economic recession in the US and global downturn along with tight credit markets worldwide has had a serious impact on TallyGenicom and on many of our customers which in turn affects their purchase of equipment such as ours.
“After working with our advisers, investors and lenders to explore a number of alternatives, we have made the strategic decision to pursue a Chapter 11 filing in order to effectuate a sale of certain of the company’s US-based assets.”
Robert Kleist, chief executive of Printronix, said: “Printronix respects TallyGenicom as a competitor and recognises its printer technologies complement our product portfolio. Should we gain approval to acquire these TallyGenicom assets, we will welcome the opportunity to offer a synergistic product portfolio to supply-chain printing customers worldwide.”
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