Suarez Corporation Industries Announces Plans for Its Future Following Chapter 11 Filing
NORTH CANTON, Ohio, August 29, 2017 (Newswire.com) - SCI Direct, LLC, Suarez Corporation Industries Inc., Retail Partner, LLC, and Media Service Corporation ("SCI") filed petitions for relief under chapter 11 of the Bankruptcy Code with the court in Canton, Ohio on Aug. 7, 2017. The cases are being jointly administered under case number 17-61735.
The goal of its chapter 11 filing is to restructure its finances and to continue uninterrupted operations. To achieve that goal, SCI obtained approval from the bankruptcy court on Aug. 10, 2017, to continue its operations in the ordinary course of business. SCI has authority to use its cash to pay all of its employees, and current business expenses including for the delivery of goods for its customers.
Due to the initial court rulings, SCI has now stabilized its business operations. Its anticipated sales are adequate to meet its ongoing expenses. I have now taken full responsibility of all administrative functions and marketing. I have reinstituted the administrative infrastructure and controls that made SCI successful for its first 43 years. SCI will soon be receiving its new line of advanced household appliances that are superior to its competitors' products on the market. This will give the company a significant competitive advantage and potential for growth in the future.
Ben Suarez, Owner
Business as usual will continue at SCI and its owners and management are confident that SCI's customers and the community will be well-served by the chapter 11 filing and that all actions taken by SCI are in the best interests of its customers and the community.
Ben Suarez wants all of his vendors and customers to know that "due to the initial court rulings, SCI has now stabilized its business operations. Its anticipated sales are adequate to meet its ongoing expenses. Also, in the past, I delegated much of the administrative authority so I could concentrate on marketing. I have now taken full responsibility of all administrative functions and marketing. I have reinstituted the administrative infrastructure and controls that made SCI successful for its first 43 years. SCI will soon be receiving its new line of advanced household appliances that are superior to its competitors' products on the market. This will give the company a significant competitive advantage and potential for growth in the future."
MEDIA CONTACT:
Ben Suarez
(330) 499-3088
bsuarez@suarez.com
Source: Suarez Corporation Industries