About 400 employees are in Minnesota. BMC says its Vision-Ease subsidiary will continue operating and that its banks have agreed to lend $10 million to continue operations--a debtor-in-possession financing deal that is subject to approval of the US Bankruptcy Court for the District of Minnesota. No layoffs have been announced.
A group of investors in Texas has made a bid for the Vision-Ease assets for an undisclosed amount, but the sale must be finalized and approved by the federal bankruptcy court in Minneapolis. Upon completion of the sales of assets, BMC will use the net proceeds to repay its debtor-in-possession financing and a portion of the outstanding indebtedness under its senior secured credit facility.
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