Goss bought out of Chapter 11

News by

21 February 2002

A consortium of creditors has bought the assets of Goss Graphic Systems in the US for an undisclosed amount, taking it out of Chapter 11 bankruptcy protection.

Credit Suisse First Boston, JP Morgan Chase Bank, LBI Group and DK Acquisition Partners jointly own the new company, Goss International.

Goss Graphic Systems director of marketing David Stamp said that while the news had no bearing on Goss UK activities, it was a fillip for the Goss brand.

"It means that US activities are lifted from the constraints of Chapter 11. It has also cleared a cloud that was blocking the sun in the US operations there can now go forward," said Stamp.

Although no figures have yet been released detailing the extent of capital raised, it was expected that Goss International would receive an injection of 39.4m ($50m).

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."