The Chief Financial Officer formed a team of investors in an attempt to buy the media company that filed for insolvency protection.
Reading, PA –
Reading the Eagle: Bill Urih | Chief Financial Officer of Reading Eagle Sean P. Molliatou
Chief Financial Officer of Eagle Company is collecting a group of investors with the intention of bidding on the company, according to documents filed with the US bankruptcy court on Thursday. I am in the preliminary stages of bringing together a group of community investors and bank financing, which I hope will give us the opportunity to bid for the company's assets, "said Shawn P. Moliatu, Chief Financial Officer, in a written statement. "Reading Eagle is an integral part of the larger reading community over the past 1
Chapter 11 bankruptcy protection on Wednesday after company representatives said the company's financial condition is no longer sustainable.
In a footnote included in a statement in support of the Chapter 11 petitions and the related Moliatu petitions, he informed the court that he would not be involved in the sale process during the company's bankruptcy.
"I have just recently expressed interest in forming a group of investors to make a bid for debtors' assets," he wrote in the note. "In order to avoid any actual or supposed conflict, I will not participate in the sale process during these insolvency proceedings except as a bidder, unless and until I confirm that I no longer intend to participate in any is an offer. "