The various divisions including the local business of thermal printer maker TallyGenicom are up for sale after the US parent filed for bankruptcy protection.
The company has voluntarily filed for protection under Chapter 11 of the US Bankruptcy Code in the state of Delaware (Channelweb, 28 January).
The various divisions are expected to be broken up and sold off.
TallyGenicom has named US-based industrial and back-office print solutions specialist Printronix as a lead bidder as part of its filing.
A UK representative for TallyGenicom declined to comment further on the future of the firm.
“Due to the stage of negotiations, we are unable to provide any further comment,” he said. “This is due to ongoing commitments for finding a buyer for the European operations.”
Dan Adragna, chief executive of TallyGenicom, blamed the recession for the
“Along with tight credit markets worldwide, this affects the purchase of equipment such as ours,” he said.
The US sale will conclude in March. TallyGenicom has sourced financing to pay staff and suppliers.
Businesses also admit to holding data without permission of subjects
Zedsphere says end-point security vendor's offerings will be a 'key' feature of its wider portfolio
New acquisition will bring UK cloud service provider's global headcount to over 700
Law firm claims that Oracle lied to investors over what is driving its cloud revenue growth and boosted sales through 'threats and extortive tactics'