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The future of troubled telephony vendor Zultys remains in the balance after its auction was delayed by another week, with two parties still interested in buying the company.
Last week, CRN exclusively revealed that Zultys founder, Iain Milnes, needed a further $1m of backing to retain control of the vendor (CRN Online, 24 October).
Milnes was preparing for a management buy-out after the firm’s assets went up for auction under Chapter 11 on 23 October. However, the auction has now been postponed until today.
Iain Milnes, president of Zultys, told CRN: “The sale has been postponed until [30 October]. It appears there is only Avi Weinrib, the owner of [US telephony vendor] Telrad Connegy, and me left in the bidding.
“We want to keep the business going as it is. Telrad has clearly indicated publicly it will make significant changes. We have not given up [on retaining the business].”
>> Further reading:
Former Zultys head appeals for channel help
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